It’s been a great start to the year for us here at Fidelity Capital. Over the past year we’ve been taking more steps to improve our service offerings and the amount of customers that we can assist, and now we are seeing some major growth across the board within our company.
Here are just a few areas in which we’ve seen significant growth and improvements:
- Application-only approvals. Overall, application-only approval rates have increased from 85% to 88% from last year’s 1st quarter. Deals up to $250,000 typically do not require financials (thus the name application-only). For the technology and cloud computing industries, we are seeing application-only funding take place for up to $1 million. That is a huge amount of capital for companies who may not have the financial strength to qualify at a bank or traditional lender.
- Approval processes. We have made a number of changes to our approval processes that have helped to streamline the way a customer gets approved for financing or leasing their equipment. As a result, we are seeing more and more customers come through the door, and getting them approved faster than ever before.
- Internal growth. To help keep up with the significant sales growth that we have experienced, we have increased our sales staff by 15 percent. We have also made some much-needed upgrades to our internal IT infrastructure to help us with all of our customer service processes and our applications.
- Customer service. We put together a comprehensive plan to hire a new telemarketing group, which will increase our reach to existing and new customers. With specific targets in mind, these telemarketers will help to increase our portfolio with leasing and financing of equipment in industries like manufacturing, machines, construction, cloud computing, software, dental, medical and many more.
- Services provided. We have started doing work with customers that are in need of working capital. Within the first quarter alone we secured nearly $13 million in working capital loans for our customers. Additionally, we saw an overall increase of 11 percent in leasing and financing request from the first quarter of 2014.
There have been higher expectations for us to meet every single year with Fidelity Capital, but we continue to exceed those expectations and keep ahead of the curve in a very demanding industry. The future looks bright for the rest of 2015 and beyond!