Case Study: iAdvance
iAdvance Now is an established industry leader in acquiring financial alternatives to traditional funding sources and an innovator in obtaining working capital and other financial services to businesses in a multitude of industries. Business owners can use these funds for renovations, expansions, re-consolidation, purchase additional inventory or equipment, payroll, and cash flow.
The Challenge
When iAdvance Now first started in 2014, they were originally small enough to operate with neatly organized folders of their customers within their office. Like any business with a great track record, they grew over time, increasing by 100% month over month. They knew they would no longer be able to physically keep up with demand and started migrating to a low-cost CRM system that was very limited in capabilities, hoping it would be able to meet expectations. Shortly after realizing they were unsatisfied with the software, they looked into a solution that was much more robust. iAdvance Now’s CEO had a personal friend who used Fundingo and recommended the Loan Management Solution. iAdvance Now was hesitant to switch given their previous experience with the cheaper system. However, they knew operations must run years into the future. iAdvance would need to invest in a solution that could scale and grow with them.
The Solution
After understanding iAdvance Now’s specific needs, it was clear that they would be the perfect candidate for all solutions from underwriting, origination, and loan servicing. The company uses Fundingo’s Loan Management Solution throughout their processes.
The Result
After launching the new system, iAdvance Now has experienced hyper-growth, continuing to increase business month over month. They are currently doubling the amount of units and revenue using Fundingo. In addition to their growth, they were able to keep the exact same staff, maintaining their overhead costs which maximized profits. With their system now transitioned to digital, iAdvance Now leveraged Fundingo’s Deal Grid feature, a 10 minute process was reduced by 90% per deal by uploading all attachments at once instead of one by one. The new system also allows them to put deals in the Submission Wizard and organize bank data in the system. Previously, the team would estimate a file to determine an approval probability. Fundingo’s new organization helps iAdvance Now approve more deals with greater efficiency.