Imperial Advance, a leading small business lending and financial services company in New York City, provides small businesses the access they need to fast and affordable working capital. The company provides an unparalleled level of customer service and a commitment to helping all businesses achieve their goals.
Imperial Advance is proudly recognized by the Better Business Bureau (BBB) as an Accredited Business, achieving an A+ rating for its proven record of trustworthiness, ethics and commitment to outstanding client service.
The Challenge
When Imperial Advance came to CloudMyBiz, their growth had plateaued. They were essentially blocked from any further improvements or innovations due to a no longer effective legacy system.
Inefficient Processes:
They had a slow onboarding process for new hires and procedures.
It was difficult to submit loan applications to lenders for approval.
Deals were often being sent to the wrong lenders, taking too much time, or not getting approved in time
They had to go to the ACH portal every day to review all balance sheets, navigating in and out of many screens and apps to find the details of each deal
Limited Deal Tracking, Reporting and Disconnected Systems:
Deals were being tracked on spreadsheets, and separate systems that didn’t talk to each other
While on a call, reps had a limited view of customer contacts, history, and deals
Their lack of reporting options made it almost impossible for management to track deals and get an accurate understanding of weekly cash flow
It was difficult to track deals and provide exceptional customer service, leading to lost deals and unhappy customers
The cost of acquisition of each closed deal was very high, as they were not able to target their marketing spend, leading to low conversions.
Their lack of weekly cash flow metrics restricted their ability to take on new deals
FUNDINGO is a loan management solution, created by industry experts, and designed specifically for Alternative Lending companies. It streamlines the entire process of originating, underwriting, and servicing loans. Unlike a hodge-podge of outdated and unconnected systems, each handling only a single element of the lending process, the FUNDINGO solution helps Alternative Lending companies attract and close more deals, accelerate the underwriting process, generate more pricing options, reduce errors, and ensure greater consistency.
For Imperial Advance, FUNDINGO was the perfect solution because it would provide them with:
An end-to-end platform to integrate all of their different systems
Significantly improved tracking and reporting on lead conversions and marketing campaigns
A better and faster way to submit deals to the right lenders
A system that would give them actionable insights, allowing them to scale while reducing the cost of acquisition.
With these upgrades, Imperial would be able to jumpstart their business.
The Result
The FUNDINGO solution, developed and implemented by CloudMyBiz, became the new foundation for Imperial’s business.
The project included implementing Sales Cloud, FUNDINGO Origination and a number of 3rd party apps such as Conga and Docusign. As we often do at CloudMyBiz, the project also included a number of customizations tailored specifically to Imperial Advance’s unique process. Some of our most significant tweaks for this project were: a customized FUNDINGO loan submission wizard, added a number of lender API’s, financial/ACH integrations and the implementation of a whole host of automations, alerts and reporting options.
Imperial’s funding process, from start to finish, became faster, more user-friendly and smarter. As a small company, they saw immediate improvements to their entire business, from faster deal submissions to significantly improved metrics and data insights. The turn around was so significant, that within a few short months Imperial was able to expand, and open a new office in Miami, where they now emphatically endorse Salesforce, and the FUNDINGO solution. Their stagnation is definitely a thing of the past.
AgileCap provides insurance agencies with a simple, quick source of funding, making timely business growth attainable. Banks traditionally require large, tangible business or personal assets to secure loans. AgileCap does it differently.
AgileCap considers the entire book of business to be an asset. A substantial asset that allows them to provide the funding needed to grow. This paradigm shift in how collateral is defined has allowed AgileCap to provide financing to all ranges and types of agencies over the past 15 years.
The Challenge
AgileCap had leveraged their unique business model into many years of successfully providing funding to insurance agencies nationwide, and substantial company growth. However, they had reached a bottleneck in their ability to scale.
After many years of growth, AgileCap was using many disconnected systems for accounting, data processing, storage and more. Because none of these programs could share data through smart integrations, the AgileCap team was forced to do a lot of duplicate data entry, which is, of course, time-consuming and error-prone. Some other specific challenges included:
Lacking the desired variety and complexity of deal tracking tools
The invoicing process could have been easier
Desired overall increased visibility and transparency
Reporting could have been faster and more comprehensive
Overall, their disconnected systems were slowing down their underwriting process, weren’t giving them the tracking or metrics they needed to deeply analyze their business and lacked smart workflows and automation to that would save them time.
The Solution
CloudMyBiz is a certified Salesforce Partner. We develop and implement custom Salesforce solutions, integrate systems, enable user adoption and give businesses the foundations to reduce costs, increase efficiency and maximize ROI. CloudMyBiz gives clients access to what
Salesforce does best: innovation. Salesforce is more than just a cloud or software tool, it can be the foundation for developing and growing a business in just about any way imaginable. Salesforce was not entirely new to Agile Cap. In fact, they had actually installed Salesforce previous, however, the basic layout was not user-friendly, and borderline overwhelming to figure out. Consequently, Agile Cap had stopped using Salesforce and returned to their other systems. What they didn’t realize, was that they needed a consultant and developer who understood their industry, and could tailor the system to their specific needs.
Eventually, AgileCap contacted the reps at Salesforce to get a consultant recommendation, and they were then referred to the Alternative Lending experts at CloudMyBiz. After in-depth discussions and a proper Business Process Review, we established that AgileCap’s specific needs included:
A single, integrated system.
Reduced human error so they could better scale.
Enhanced reporting tools.
Better visibility on where deals are in the process and better pipeline management.
Improved ongoing monitoring of the loans.
Streamlined communication internally and externally to create a better user experience for their clients.
The Result
To meet the needs of AgileCap, we implemented our FUNDINGO Loan Management solution, built on the Salesforce platform and designed specifically for the Alternative Lending industry. The FUNDINGO Underwriting and Loan Servicing Apps gave AgileCap the functionality, automation and data insights they were looking for.
Moving them onto a single platform also allowed CloudMyBiz to implement direct integrations with DocuSign, Experian, Conga, and Quickbooks, meaning that all data was now shared by the system, and could be instantly accessed from within Salesforce. This significantly reduced the time it took to process deals, as well as the frequency of data errors.
CloudMyBiz also built a brand new, custom Amortization Schedule module for AgileCap. This custom build-out has been essential to allowing AgileCap to continue growing. It allows for the invoices to be automatically created, sent out, and collected upon, with minimal oversight. What’s more, amortization schedules could now be easily created, updated and reported on. Finally, one of the biggest benefits was that it allowed for invoicing automation (including interest and principal amounts) as well as reporting projected cash flow and revenue for the portfolio.
AgileCap immediately realized that the new system was a vast improvement upon their previous solution. In fact, when they began testing the initial version, they discovered that they were going to be able to save up to 3 hours for each and every deal they processed. In a very time conscious industry, when potential clients are shopping between 10 different funders, and often expecting a turn around time of a day or two, those 3 hours were a huge win for AgileCap! The overall result: AgileCap removed the roadblocks in their way, streamlined their process and are now growing and funding deals faster than ever before!
Express Capital Funding is a provider of funding to small businesses and short-term working capital to companies across the United States. Express Capital aims to live up to its name and provide fast and efficient capital funding to businesses across the country.
Express Capital is a direct funder, not a third party, allowing for a faster funding process. This creates a simple, straightforward process that also ends up being more secure and more personable. Express Capital works with just about anyone and any project size. From short term, one time loans, to long term big project solutions, loans can be customized to each company’s particular needs to maximize revenue and profitability.
The Challenge
When Express Capital first got in touch with CloudMyBiz in 2017, they were using GoldMine as their lead management system and CRM. GoldMine is an outdated, locally run system. For a more robust, scalable and effective system, they were looking to upgrade their system to the cloud based Salesforce CRM. While using their previous system, Express Capital struggled with many of the following challenges:
Lack of accountability
Potential deals getting lost in the sales pipeline
Inefficient processes
Poor data management, tracking and reporting
An overall glitchy system
Statuses wouldn’t auto update
It was difficult to implement new business logic
Couldn’t track the offers and terms presented to the merchant
Emails wouldn’t go out from the CRM
Low conversion rates from Approvals to Contract
Difficult to follow up on open approvals and make deals
They couldn’t see the different lenders that have approved deals
Difficult to measure the performance of the sales team
Why FUNDINGO?
FUNDINGO was recommended to Express Capital Funding through a mutual business contact. FUNDINGO is a funding management solution, created by industry experts, and designed specifically for Merchant Cash Advance companies. It streamlines the entire process of originating, underwriting, and servicing Merchant Cash Advances. Unlike a hodge-podge of outdated and unconnected systems, each handling only a single element in the funding process, the FUNDINGO solution helps MCA companies attract and close more deals, accelerate the underwriting process, generate more pricing options, reduce errors, and ensure greater consistency.
The core of the FUNDINGO solution consists of FUNDINGO Origination, FUNDINGO Underwriting, and FUNDINGO Servicing applications. These core systems can be further enhanced with add-on custom app integrations for LexisNexis, Experian, QuikTrak, Decision Logic and more.
The FUNDINGO Origination solution features:
Improved management and tracking of the sales pipeline
Integrations with external data source providers
Scalable and integrated systems
High value at an affordable cost
The Result
The FUNDINGO solution, implemented by CloudMyBiz, eliminated Goldmine, in the process of centralizing and streamlining Express Capital’s processing system and moving their operations onto the Salesforce cloud. Express Capital’s funding process, from start to finish, became faster, more user-friendly and smarter. The new FUNDINGO Origination system featured:
A scalable, one-platform solution
Increased accountability
An improved customer and ISO experience
360 degree and up to the minute details of the sales process and pipeline
Time-saving automation for funding applications, emails, notifications, and data entry
Thorough tracking of leads, contacts, accounts, and conversions
The ability to customize components with a single click
Powerful tools for commissions and renewals management
As a testament to the success of the project and to further improve their funding process, Express Capital purchased additional FUNDINGO products in the months following the initial implementation. Most importantly, Express Capital is running their business on a platform that truly meets their needs!
Dominion Financial Services is a nationally recognized private lender in 49 states that originated over $180 million in loans in calendar year 2019 to experienced real estate investors through four lending products: Fix and Flip loans, 30 year Rental loans, Ground Up Construction loans, and Small Multi-Family loans.
The Challenge
Dominion’s legacy system had been cobbled together over a number of years to power their interest based loan business. Relying on systems like Excel, One-Drive, Office and other platforms, they built a system that suited their needs at the time, however, as they grew, the system was getting stretched and they foresaw the need to upgrade early. to enable a digital transformation and get ahead of the competition and set themselves up for continued long term success
The Solution
Dominion began the search to find a partner who could to help them transition to a fully digital, streamlined and integrated Loan Management System (LMS). The FUNDINGO LMS platform had one significant advantage over the competitors: FUNDINGO could be configured to Dominion’s specific lending process while the competition’s software would have required Dominion to change their process and potentially lose that special sauce they had already developed over years of hard work.
The Result
CloudMyBiz/FUNDINGO evaluated Dominion’s process, and prepared a solution that would meet their needs and deliver immediately improved functionality and tools. The new system created a transparent feedback loop between origination and servicing, letting Dominion have better control of their data and easily find the lifetime history of a borrower. With FUNDINGO, Dominion kept their current process, and via the integrative power of Salesforce, are now set up to take advantage of the cutting edge of technology whenever it hits the market.
Billd is a material supplier who provides short-term financing for the construction industry. Their aim is helping contractors and suppliers grow their businesses with less hassle and risk. They offer credit up to 120-day terms for contractors, who usually aren’t paid until more than 90 days after purchasing materials – allowing contractors to scale their business and stabilize cash flow. Billd understands that traditional credit data can be a poor predictor in the construction industry and embraces contractors who struggle to obtain traditional bank financing.
The Challenge
Billd attempted to manage their material financing product by initially relying on Quickbooks, but quickly realized that it would be difficult to manage a fast-growing company when their system relied on manual disbursements.
They dedicated 4-6 hours daily on disbursements, making it difficult for scalable growth. They needed a platform that was suited for their specific needs and required a highly accurate platform with strong data integrity and daily recording.
The Solution
To streamline their operations and grow their business, Billd needed a solution that could cut down time dedicated to manual disbursements. Fundingo was able to provide a transition to a fully digital, streamlined and integrated credit management system; one that provides notifications for failed repayments and other updates vital to their day-to-day operations.
The Result
With Fundingo’s implementation of their credit servicing module in May 2019, Billd experienced an increase in disbursement funds by 900% and has expanded its team to at least double their original size. Fundingo was able to decrease Billd’s time spent on disbursements; going from 4-6 hours daily to 1 hour of double-checking their sheets. Since working with Fundingo, Billd averages about 2,500 transactions/wk and has become a client with a fully-customized software.
“We really have to give kudos to the development team for everything they’ve done. Throughout the entire process and even today, we’ve been able to feel more like a member of the team and less of a vendor-client relationship.”
Jon Placa – Director of Financial Operations – Billd
