Automating the Microloan Intake System
"David is an excellent developer, communicator, and a trustworthy partner on any project I have worked with him on. I have been working with David for over 12 months now, and he has consistently executed in a timely and professional manner. He doesn't take short cuts. He is well organized which allows him to provide realistic expectations for project timelines. David has helped our organization develop a software tool that is now our major competitive advantage over our competition."
Flagship Enterprise Center runs a successful small business microlending program. New and existing small business owners can apply for loans that might have a harder time going through with a bank thanks to Flagship's non-profit and partially government funded status.
For the first 5 years of their existence, the loan program doubled the number of loans made every year at a default rate of less than 5%. Impressive numbers!
Adam Hoeksema, the program manager, saw that much of his loan officers' time was taken up with tedium like shuffling papers, qualifying leads, running reports, and chasing down clients over the phone or email. Through building a software system, we were able to automate a large portion of the full intake process, freeing up loan officers to focus more on the creative parts of the business, like client development. We were also able to greatly reduce the amount of staff needed to keep up with the ever-growing program.
Thanks to the software system we built and the processes we automated, they were able to hire much slower than similar organizations.
Adam told me, we were with 10 loan officers able to process a comparable number of loans that another less sophisticated organization needed 200 loan officers to do.
How did we accomplish this dramatic efficiency? During my time with Flagship Enterprise Center, I was the lead on building a software system that automated a large chunk of their intake system.
Paper forms became web forms that could run 24/7.
Clients were pre-vetted by a custom grading algorithm
Allowed easily updating the client's loan file in a central location by any loan officer
The system became the central location for all missed and make-up payments