Press Release April 8, 2016
NEW YORK, NY, April 6, 2016 “ CAN Capital, Inc., market share leader in the alternative small business finance space, today announced that it has reached the milestone of providing small businesses with access to more than $6 billion of working capital, helping over 70,000 small business owners buy equipment, purchase inventory, hire seasonal help and open new locations. During its 18 years in business, CAN Capital has provided access to more working capital than any other company in the space.
To date, CAN Capital has helped facilitate over 170,000 small business fundings in hundreds of unique industries, such as restaurants, medical offices and beauty salons. Over the past five years, the company has grown transaction count by 29 percent (CAGR) and revenue by 24 percent (CAGR), with commensurate growth in earnings. In 2015, CAN Capital launched two new loan product solutions to further serve small businesses, the TrakLoanÂ® which enables a customer’s daily payments to fluctuate with their daily payment card sales, and a monthly installment loan product offering a customer longer terms with higher transaction sizes.
To reach the $6 billion milestone is a huge accomplishment for CAN Capital, highlighting our experience and our dedication to helping small businesses succeed, said Daniel DeMeo, Chief Executive Officer, CAN Capital. Eight years after the financial crisis, many small businesses still have trouble accessing working capital. We are committed to using technology to offer a variety of fast, efficient financial solutions for the full spectrum of small businesses, including those that are too small to get capital from other types of financial organizations, and those for whom a traditional bank product doesn’t fit. Small businesses are the engine of America’s economy and we are proud to support their growth.
CAN Capital was founded in 1998 by a small business owner whose revenue fluctuated depending on the season and had difficulty getting a business loan from a bank. To solve this problem, CAN Capital created a customer-centric, technology-driven solution that made it simpler, faster and easier for small business owners to get access to capital to smooth out their cash flow and invest in their business. Over the past 18 years, CAN Capital has continued to build out its proprietary data-driven models, machine-learning algorithms and deep insights into small business performance to help its customers grow.
Hear the stories behind some of our successful small business customers here:
About CAN Capital
CAN Capital, Inc., established in 1998, is the pioneer and market share leader in alternative small business finance, having provided access to over $6.0 billion in capital for over 70,000 small businesses in a wide range of locations and different business types. As a technology-powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way.
CAN Capital, Inc. makes capital available to businesses through business loans made by WebBank, a Utah chartered Industrial Bank, member FDIC, and through CAN Capital’s subsidiaries: Merchant Cash Advances by CAN Capital Merchant Services, Inc., and business loans by CAN Capital Asset Servicing, Inc. For more information, please visit: www.cancapital.com. Follow CAN Capital on Twitter and Facebook.