We have been working around the clock to understand the economic impacts COVID-19 will have on small businesses. We have seen rapidly changing markets, along with new government mandates. This makes it very difficult to determine what transactions can be underwritten and funded through CAN Capital.
To that end, it is necessary to temporarily suspend all new fundings until markets stabilize and there is better visibility into merchants’ ability to repay their obligations.
Renewal customers will continue to be reviewed on a case by case basis under a more restrictive credit policy.
We truly value our partnerships and look forward to when this challenge is behind us all.