New Cortera "COVID-19 Economic Impact Tracker" Measures the Economic Crisis, Generates Essential Insights into Health of Industries and Millions of Small & Mid-Sized Businesses
BOCA RATON, Fla., April 24, 2020 /PRNewswire/ -- Cortera, the leading provider of essential credit data about the health of millions of small and mid-sized American businesses, today launched the COVID-19 Economic Impact Tracker (CEIT), a free B2B business health tool that sources data from a community of thousands of companies from across the U.S. The CEIT applies Cortera's unequalled collection of payment data and its sophisticated analytical engine to extract insights about the economic impact of the pandemic.
The CEIT has the capability of generating pinpoint, granular data on millions of small and mid-sized firms in over 100 industries – a valuable snapshot of the U.S. economy. It offers a precise lens to ascertain which businesses and industries are suffering the most and which are the healthiest.
Insights are driven by two metrics – company spending behaviors and payment behaviors. The data is based on hundreds of millions of B2B interactions that reflect actual credit realities of small and medium-sized companies. When using the CEIT, viewers can easily access various spend and payment information by industry, state, and even county to help understand the health of companies. Viewers are encouraged to use the CEIT as a technology stack, leveraging their own first, second- and third-party data to derive next-level findings.
The CEIT provides insight on realities that are top-of-mind for many Americans, such as the ripest industries for employment in their communities, and those at risk for furloughs. For anyone interested in understanding how bad the current situation is – by industry, by company, by geography – and who is faring better than others, the CEIT delivers essential economic nutrition.
"We started Cortera because we believed that the lack of accurate and timely data about the credit status of businesses with under 500 people is a threat to the economy. Thanks to our contributor network we've filled the void with our Cortera MindUp™ cloud, which aggregates and analyzes data so that everyone in the credit ecosystem can make up their minds about the relative health of industries, sectors and individual companies," said Jim Swift, President and CEO of Cortera. "The ongoing pandemic has elevated the need for our core data so, in a matter of weeks, we created our COVID-19 Economic Impact Tracker, which enables those focused on the survival of small and mid-sized business – the drivers of our economy and eventually our recovery – to understand what is truly happening."
Cortera has extensive relationships with a number of firms – including Moody's Analytics, which has used Cortera's data to supplement their existing proprietary data. The company is now extending its relationship with Moody's Analytics by collaborating on white papers and other reports that will illuminate the cascading economic effects of the pandemic across the North American economic landscape.
"Cortera and its COVID-19 Economic Impact Tracker provide a valuable view into the unprecedented, seismic economic shocks of COVID-19, particularly the impact on small and mid-sized businesses, the backbone of the US economy," said Mark Zandi, Moody's Analytics Chief Economist. "We will use their data to inform and complement our economic analyses of the health of US enterprises. Our collaboration will yield important insights into how the pandemic will shape future economic growth."
The Cortera COVID-19 Economic Impact Tracker (CEIT) is officially live and can be found here: www.cortera.com/impact.
About Cortera
Cortera is the leader in collecting and analyzing data about the health of the businesses that drive the North American economy. Because the vitality of commercial credit is essential to – and a marker of – economic health, Cortera's insights are invaluable to the entire credit ecosystem – lenders, borrowers, banks, insurance companies, financial analysts, economists and governments. Our community contributes data to our Cortera MindUp™ cloud, which holds information comprising more than $1.5 trillion dollars of annual economic interactions. Our clients use our data to help them make up their minds about credit decisions, thus enabling a new era of Decisionomics™.
Headquartered in Boca Raton, Florida, Cortera is the fastest growing commercial data analytics platform. For more information visit www.cortera.com.
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SOURCE Cortera
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