Press Release October 21, 2013
Las Vegas “ October 21, 2013 “ At the recent Money 2020 conference, Capital Access Network, Inc. (CAN), the largest and most-experienced small business finance specialist, was highlighted as a growth company producing innovations that are disrupting the traditional ways small businesses access working capital. During a sold-out luncheon session, Capital One co-founder and QED managing partner Nigel Morris discussed innovations that are disrupting small business lending. Morris noted how alternative finance specialists such as CAN are using data analytics and online and mobile technologies to lower barriers to capital for Main Street businesses. Citing examples of how forward-thinking banks are improving their customer retention and satisfaction by working with alternative finance providers, he demonstrated how these partnerships are creating better experiences for the small businesses those banks would otherwise decline for loans.
Coming out of the recession, outdated and restrictive traditional bank lending processes have left the majority of small businesses out in the cold, Morris said. If ever there were an industry ripe for disruption, this is it. Between online lending platforms that facilitate a complete end-to-end transaction, mobile tools that compress the application and qualification timeframe from weeks to minutes, and creative implementations of APIs to gain access to relevant business performance data, there are a myriad of exciting innovations making it easier for small businesses to get access to the capital needed to grow.
Capital Access Network CEO Daniel DeMeo echoed Morris’ themes of innovation and disruption during a panel discussion entitled Borrowing and Credit. He attributed the company’s growth trajectory, profitability and high customer satisfaction to its innovations that streamline the process of applying for working capital and give small businesses more flexibility and product options.
Following up on Morris’ highlight of the CAN Mobile Funder tool, DeMeo explained how this innovativion changes the game for small business owners and the third-party sales reps who sell finance products to them. By streamlining and automating information collection and connecting instantly to CAN’s back-end systems, the tool removes much of the hassle of applying for working capital. Salespeople can take their prospective small business clients seeking working capital from pre-qualification through a complete application process in less than 20 minutes, down from a traditional process that can take 10 days or more.
Programmed to work on most WiFi-enabled tablets, CAN Mobile Funder will enable salespeople to:
¢Prequalify prospects for two different small business finance products simultaneously “ a loan or a Merchant Cash Advance “ with just a few pieces of information.
¢Use a geolocator supported by a Yellow Pages API to find the business and autofill the client’s application with readily accessible business information, reducing keystrokes and time.
¢Obtain the authorization needed to pull the business owner’s credit via electronic signature.
¢Receive multiple, customizable finance options within minutes of prequalification, and modify the options within a given range to fit the business’ needs.
¢Upload necessary documentation via the mobile device’s camera and attach it to the submission.
¢Submit a completed contract while still on site with the business owner.
Funds can be available in a merchant’s bank account within 72 hours of a complete application being submitted. Innovation and disruption have always been at the heart of our business, DeMeo said. CAN invented the category of alternative finance for small businesses nearly 15 years ago. We’ve serviced more customers profitably and made almost five times more capital available to small businesses than any other company in this category. This is a wide open market and in many ways we feel we’re just starting to tap this huge opportunity.
Capital Access Network, Inc. (CAN) reinvented small business finance to become the largest and most-experienced small business finance specialist. Using industry-pioneering risk models and an unprecedented amount of daily performance data, CAN facilitates more fundings and helps entrepreneurs qualify for more money than they could get elsewhere. Since 1998, thousands of small businesses in over 650 industries have trusted CAN to provide fast access to the capital they need to grow”more than $3 billion to date. Banks and other capital providers also choose CAN as a preferred partner to give their customers more finance options.
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. CAN also received equity capital from Accel Partners in 2012. 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.