Small Business Lending with Open Data

Data in Action: Bringing Capital to Main Street 

Open data is helping bring capital to Main Street businesses. For example, one fast-growing lender is combining data from a wide range of government sources to make working capital loans to small businesses. Using open data on industry-level economic trends, the company is able to build finer-tuned predictive models. Another data analytics startup is working with banks to unlock insights about businesses from new government sources. Critical data about businesses are buried in unexpected places. For example, it is possible to estimate the number of employees a given company has based on existing, publicly available data about participants its retirement plan.

Check out our extensive data, including the BLS Producer Price IndexCensus data on manufacturing and trade inventories and salesmonthly and annual retail trade survey data, the NAICS business data classification system to start innovating to bring capital to America’s small businesses today!

Federal Student Loan and Financial Aid Open Data

Open Bank Data

There is extensive data available about banks and other financial institutions, such as credit unions. For example, the Federal Deposit Insurance Corporation (FDIC) Institution Directory comprises all FDIC-insured institutions with locations, operating status, and key financial information. The Federal Financial Institutions Examination Council (FFIEC) Central Data Repository provides free financial and structural information for most FDIC-insured institutions in tagged, interactive data formats.

Datasets include the FDIC Institution Directory, the FFIEC Central Data Repository, and other major bank datasets.

SEC Open Data on Public Companies and Mutual Funds

The U.S. Securities and Exchange Commission (SEC) oversees an investor disclosure system to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. The SEC releases two major datasets related to this disclosure system: public company financial statements and mutual fund fee, risk, and return information. Go to the SEC’s Interactive Data Home.

Data in Action

One investment company uses SEC data on mutual funds and exchange-traded funds to provide personalized advice on investments and fees.

Another company offers tools to analyze, compare, and understand the financial reports that different companies have provided to the SEC in XBRL form.

MyData for Education

The Department of Education’s MyData Initiative seeks for every student (or parent of an underage student) to have access to his or her own academic data in a machine-readable format. This is possible through the participation of schools and software developers who enable students to download their own data to create a personal learning profile that they can keep with them throughout their learning career. In addition, developers are encouraged to created customized services and tools for students based on the information available in their personal learning profile.