Press Release August 27, 2013
NEW YORK “ August 27, 2013 “ Capital Access Network (CAN), the leading provider of alternative financial products for America’s small businesses, now offers its customers the choice to have working capital funds deposited directly into a PayPal account or a traditional bank account.
Our priority is to help small businesses quickly get the working capital they need to grow, said Daniel DeMeo, Capital Access Network CEO. Online merchants and other businesses that rely heavily on PayPal don’t want the extra hassles of transferring money between accounts. By offering a direct link to PayPal, we remove one more hurdle that previously stood between business owners and their access to capital.
Getting money into a PayPal account is fast and easy. Small business owners use CAN’s online application at www.captap.com to apply for a short-term small business loan and select PayPal as their deposit preference. More small businesses can qualify for the funding they need and get an answer in a matter of minutes due to CAN’s highly predictive risk models and award-winning Daily Remittance Platform.
Customers are immediately notified by email when the funds are available in their PayPal account. There are no additional fees for merchants to use the new PayPal option.
Since its inception, through its subsidiaries, CAN has facilitated almost 120,000 fundings, giving small businesses access to more than $3 billion in working capital in the forms of business loans and Merchant Cash Advances. In just three years, the company has provided access to more than $400 million in loans through its NewLogic Business Loans subsidiary and its online lending platform.
CAN’s pioneering approach to evaluating small businesses enables it to approve more finance requests than others. Its innovative Daily Remittance Platform evaluates business-specific data from a wide variety of banking, credit card processing and other sources. Many of these variables aren’t even considered in the traditional risk models and processes banks and other traditional lenders use. This use of richer, more relevant data gives CAN deep insights into the inner workings of small businesses, enabling it to base approval decisions on actual performance rather than less-meaningful information such as personal credit scores and the business owner’s personal collateral.
About Capital Access Network, Inc.
Capital Access Network, Inc. (CAN) reinvented small business finance to become the leading provider of alternative financial products for Main Street. Using industry-pioneering risk models and an unprecedented amount of daily performance data, CAN approves more applications and helps entrepreneurs qualify for more money than they could get elsewhere. Since 1998, thousands of small businesses in 750 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. It received $30 million in venture backing from Accel Partners. CAN provides access to capital 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.
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Alexandra Gardell Kreuter
Allison+Partners for CapTap
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