As an emerging CDFI, this new functionality is going to improve efficiency and our overall effectiveness as a micro-lender in the Detroit ecosystem.
DETROIT (PRWEB) March 16, 2021
ProsperUS Detroit Micro Lending (ProsperUS), a non-profit organization providing access to capital to empower low and moderate income, immigrant and minority individuals in Detroit’s neighborhoods, announced that it has automated the generation of its loan documents, including security agreements, guaranties and mortgages, utilized in its Micro-Lending Program. It has selected Celant Innovation’s Computer Assisted Legal Drafting System (Celant) as its document automation platform.
“ProsperUS Detroit Micro Lending is excited to have finalized the automation of our closing documentation process”, said Executive Director Chanell Scott Contreras. “As an emerging CDFI, this new functionality is going to improve efficiency and our overall effectiveness as a micro-lender in the Detroit ecosystem.”
Matthew Bihun, the Loan Fund Manager of ProsperUS, added: “Our newly automated system has been a long time in making. This is a major accomplishment and it will strengthen our internal operations exponentially. It also offers an income stream that didn’t previously exist.”
The Celant system was designed to enable fund managers, in house counsel and staff in lean firms to reduce the amount of time spent drafting documents, ensure regulatory compliance, and reduce errors. With increased efficiency, staff are able to do more with less – and focus on their area of expertise instead of document drafting.
“Celant provides a number of features that ensure accuracy and consistency within the documentation production process”, said Emeric Dongmo, the Portfolio Manager of ProsperUS. “We are thankful for the legal support that we received from Erin Haney at Varnum LLP, who reviewed all of our documents so ensure that they are consistent with state and local laws.”
About ProsperUS Detroit
ProsperUS Detroit is a place-based economic development strategy designed to empower low and moderate income, immigrant and minority individuals. Through our culturally competent range of services, we strive to support the entrepreneurial spirit and small business community that exists in Detroit’s neighborhoods. Visit http://www.prosperusdetroit.org for more.
About Celant Innovations
Founded in 2015, Celant Innovations develops and operates cloud-based and on-premises solutions for financial, legal and other professional institutions. Based out of Ann Arbor, Michigan, Celant’s products include document automation and error detection systems for legal documents. Visit http://www.celant.com for more.