Press Release March 12, 2013
‹New York (March 12, 2013) “ Helping Main Street entrepreneurs realize their dreams, Capital Access Network, Inc., a next-generation small business finance provider, has provided access to more than $3 billion in working capital for small businesses ranging from online businesses to local veterinarians. CAN has facilitated an unprecedented 100,000 transactions since it was founded 15 years ago.
Glenn Goldman, CEO of Capital Access Network said, Capital Access Network is revolutionizing the way small businesses access capital; while the SBA reports that loans have decreased over 20 percent in the last five years, our team has doubled the amount of working capital we provided small businesses access to since 2009. We are able to do this as a result of the way we evaluate small business, which is drastically different from the way other financial institutions operate. Instead of focusing solely on credit scores or collateral, we consider more than 100 variables, ranging from daily cash income and credit receipts to economic conditions.
CAN has experienced significant growth and provided access to more than $550 million in capital to small businesses in the past year, a record for the company. CAN’s success is predicated on its award-winning technology platform and proprietary algorithms that are highly predictive of actual small business risk and performance. This wealth of meaningful data and experience, garnered over the past 15 years and the last three economic cycles, allows CAN to give more small businesses access to capital when others can’t.
Over the past 15 years, CAN has found that small businesses most often use the capital for the following reasons, in order:
1. Business working capital
2. Remodeling and upgrades to the business
3. Equipment purchases
4. Business tax payments
5. Buying inventory
A Baskin-Robbins franchise owned by Gina Youngs of Williamsburg, Virginia is the small business which helped Capital Access Network reach the $3 billion milestone. A long-time customer of CAN, the ice cream shop is using its most recent funding to purchase new equipment.
Owner Gina Youngs said, During the recession, it was difficult borrowing money from banks. Thankfully, we received a mailer from Capital Access Network and decided to call; that was one of the best calls we have ever made. Running a business can be hard and this has been an easy way for us to access the money we need to keep going. CAN came through for us when others wouldn’t, and we continue to be thrilled with their fast, easy, and professional experience.
About Capital Access Network, Inc.
Capital Access Network, Inc. (CAN), through its subsidiaries NewLogic Business Loans, Inc. and AdvanceMe, Inc., has provided small businesses access to $3B in working capital. CAN’s Daily Remittance platform and proprietary risk models enable CAN to evaluate businesses based on their performance, resulting in increased access to capital. With one simple application, businesses are given choices that can provide the cash infusion needed to manage and grow. As the leading developer of next-generation Daily Remittance powered financial products and services, CAN also supports small business finance providers desiring more finance options for their own customers in the U.S. and internationally. All business loans obtained through NewLogic Business Loans are made by WebBank, a Utah-chartered Industrial Bank, Member FDIC. Learn more at www.CapitalAccessNetwork.com.