We’re delighted to share that our member Fern Software’s premier CRM and loans management system, FaaSBank is now used by over 50 community and SME lending organizations from coast to coast in Canada. FaaSBank was collaboratively designed with Community Futures Development Corporations (CDFDCs) in Ontario, Canada.
User friendly and intuitive, FaaSBank assists lenders with many of their day-to-day processes. The FaaSBank design team aimed to meet two primary needs of SMEs 1) make it easy to create regular amortization schedules for clients receiving standard term loans e.g. a specified monthly report amounts over a set period of time, and 2) build in the flexibility to enable users to create fully customizable when and where requirements e.g. periods of interest only payments, periods of principal only payments etc.
When COVID hit, Fern Software only had to make one significant change to their platform’s Calculator, that is update it to accommodate forgivable loan portions. The change was required for new loan programs such as the Regional Relief and Recovery Fund (RRRF) being offered across Canada by the CFDC network. FaaSBank now tracks the amount of Principal paid down on these loans and informs the user when they are eligible for any forgiveness amount.
ABOUT FERN SOFTWARE
Fern Software is an international SaaS FinTech solutions provider incorporated in 1979 with a global presence with over 300 sites in 40+ countries, 3 million borrowers and regional offices in Amsterdam, Belfast, Singapore, Tiruchirappalli and Toronto.
They specialize in the development and implementation of core banking systems and supporting modules to Assets/Fund Management, Credit Unions, Microfinance institutions (MFI), Savings and Loans organizations, SME Lenders, Development Banks, Community Development Financial Institutions (CDFI), Social Mortgages and a variety of grant funding agencies.