- Case Studies
7(A) Funding is an innovative company in the finance industry that helps package and structure SBA loans for banks and for small businesses that need them.
7A Funding group helps community banks who don't have the resources or knowledge to participate in SBA loan programs. Although there was high demand for their services, their ability to grow was hindered by manual, repetitive processes and disjointed systems that prevented them from gaining an accurate view of data for decision-making.
Concerns about profit margins and business resiliency meant Tony Brevard, Principal and CEO of Capital Nucleus, 7A Funding's parent company, needed to find new ways to remain competitive. "We really had to find something to keep up with the pace of sales, a way to scale, other than continue to hire people that cost a tremendous amount for us to have on staff," Brevard said.
Brevard's team places a high value on their partner and customer relationships, and looked for automation to collect the documents needed for credit approval, provide a clear status of what was collected, and that could ensure the entire process was done correctly, providing a great experience for everyone involved.
FileInvite is a web based solution that automates document and data collection processes. It integrates with your existing workflow without extensive IT involvement. 7A Funding's custom branded portal, includes DocuSign integration, alerts and workflow that accurately reflects their business processes.
With alerts reaching their phone and even their watch, Tony's team are kept up to date in real time as clients provide each element of the document collection process. The automated follow-up functionality allowed Tony's team to focus on what's important, while the platform chased clients for them.
Team members used to spend at least two hours following up on loan application documentation. Now, staff spend 20 minutes per application.
Freeing up time to work on additional loans, projects and deals.
By optimizing their workflows and overlapping the time seeking approval and collecting closing documentation, the time to close a loan was reduced from thirteen weeks to six weeks.
In some cases deals closed in only four weeks.
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