How New Efficiencies Are Guiding Small and Minority Businesses to Success
From applying to college, for a new vehicle or your first home, loan applications are challenging and often require outside guidance. When it comes to business loans, the process can be even more of an uphill battle. Meet FSC, a Maryland-based nonprofit organization that provides creative financing solutions for small and minority businesses. In association with participating banks, Prince George’s County, and the State of Maryland, FSC assists in the process of obtaining 12 distinct loan products. We all know that time is money and for FSC, time was being spent on relying on Excel sheets and an outdated legacy system. They had outgrown their software and needed to report on important metrics necessary for applying for funding. Not to mention, thousands of loan applicants were being handled on paper copies that required hours of manual hand entry taking up valuable time for everyone. In a brief amount of time, these complicated processes became a thing of the past for FSC.
Prolocity implemented a unique combination of Salesforce products and customizations. Our custom built application process through a third party, Formstack, easily integrated with Salesforce and became the foundation of expanding management efficiencies, collecting loan and grant data and simplifying the applicant processes. In collaboration with Salesforce Lighting, digital communication via Email was simplified and provided the ability to gain insight into invaluable data that otherwise could have been missed.
"I could not be more pleased with Prolocity. Their approach to building out our business needs was strategic and thoughtful. They thought of things we would not have known we needed to think about when it came to the user experience in the new portal. Prior to this we were paper-heavy and needed to address this issue with a technology solution. We provide innovative lending solutions to emerging businesses and a comprehensive electronic point of entry to the application process was critical. Prolocity delivered! Post-launch, Prolocity, continues to provide stellar customer service as we learn the system and move on with additional enhancements.”
- Dawn Medley, Senior Vice President Business Financer
Today, everything is handled electronically for FSC. While thousands may apply, 1 out of 5 will qualify for a loan and make it to the finish line. Having customized forms for applications, the need to put their eyes on every single application is gone. The application process has been shortened for both the applicant and FSC due to a custom prequalification questionnaire implemented by Prolocity. With the Nonprofit Success Pack and Financial Services Cloud from Salesforce, FSC has all their important documentation living in one, concise place with plenty of room to grow. We are currently in an ongoing support agreement through our unique Proserve service that provides FSC with the management of their new cloud-based software. Having a sense of peace of mind knowing someone is always there for any questions or concerns is priceless. Because after all, time is money.