Press Release September 3, 2013
New York, NY“ September 3, 2013 “ Capital Access Network, Inc. (CAN), the largest and most-experienced small business finance specialist, has appointed GE Capital Veteran Shiladitya (Shila) Ray as the company’s new Chief Financial Officer. Ray succeeds former CFO Daniel DeMeo, who is now CAN’s Chief Executive Officer.
Shila is a top-notch executive who possesses the experience, discipline and training instilled in the well-known GE financial and accounting executive leadership program, said CAN CEO DeMeo. His experience will be an important asset to us as we continue into our next phase of growth. We’re excited to have him as a member of the CAN executive team.
Ray is leading the Finance and Accounting teams at CAN. He will play a key role in long-range strategic planning and initiatives, including product expansion, aggressive digital distribution and lending capacity. He will also work with DeMeo to set the course for the company’s sustained growth.
This year, CAN has helped Main Street businesses get access to more than $300 million in working capital. In May 2013, it set a new monthly record by providing America’s small businesses access to $66 million of working capital. Then, in July 2013, it topped that record again when it provided access to more than $74 million in just one month.
This is an exciting time to be part of CAN as we introduce new products and open up new digital distribution channels to help small businesses get access to the working capital they need to operate and grow, said Ray. CAN is well capitalized and profitable, which puts us in a great position to continue disrupting the small business finance market.
Ray has spent the past 16 years in various finance leadership roles at GE Capital. Most recently, he was the Global Simplification Leader for GE Treasury. Before his role in Treasury, he was the Chief Financial Officer (CFO), Operations for GE Capital, Americas.
Ray also served as CFO for several GE businesses, including GE Trailer Fleet Services, GE Global Electronics Solutions and GE Commercial Finance, India. At GE Global Electronics Solutions, where he was Chief Financial and Operations Officer in San Diego, he led the scale-up of a global enterprise. He was also the Global Pricing Leader for GE Capital Solutions, the global leasing arm of GE Capital. Ray began his career at GE Capital, India where he worked in FP&A, Operations and Controllership.
Prior to joining GE, Ray worked at KPMG Peat Marwick in the Assurance Practice and Forensic Accounting group. He is a Chartered Accountant with a Bachelor of Commerce degree from Delhi University, India.
In 2013, CAN was named to the Inc. 500 | 5000 list of the fastest growing private companies in America. The company operates profitably with a $460 million line of credit from a syndicate of premiere banks, including Goldman Sachs, Wells Fargo Capital Finance LLC, Capital One, Fifth Third Bancorp, Brown Brothers Harriman, Key Equipment Finance, Amalgamated Bank, Regions Bank, Capital Source and AloStar. It received $30 million in venture backing from Accel Partners. CAN makes capital available through its subsidiaries: Merchant Cash Advances by AdvanceMe, Inc. and business loans through NewLogic Business Loans, Inc. All business loans obtained through NewLogic are made by WebBank, a Utah-chartered Industrial Bank, Member FDIC.