Press Release June 21, 2013
‹New York, NY “ June 21, 2013 “ Capital Access Network, Inc. (CAN), the largest and most experienced small business finance specialist, was named one of the top financial services companies of the year at the 11th Annual American Business Awards.
The company received a StevieÂ® Award for its pioneering technology, cash-flow friendly products and profitable business model that have enabled hundreds of thousands of small businesses to get access to the working capital they need to operate and grow.
Since 1998, CAN has helped small businesses obtain access to more than $3 billion in working capital. The company specializes in helping small businesses in need of $150,000 or less. Banks have been hampered in funding these requests due to outdated risk evaluation tools and the additional pressures brought on by the economic recession.
Earlier this year, CAN expanded its credit line to nearly $500 million and attracted several banking industry veterans to its leadership team.
CAN’s rapid growth is being propelled by its award-winning Daily Remittance Platform, proprietary algorithms and 15 years of experience that enable small businesses in need of capital to hear yes more often. The company’s risk models evaluate a multitude of business performance variables using daily data from firmographic, banking and credit card processing sources. This makes them highly predictive of actual small business performance.
We’re having an amazing year and are on course for even more rapid growth, said Capital Access Network CEO Daniel DeMeo. Small businesses continue to struggle when they need working capital to invest in their businesses and grow. We’re excited and grateful that the American Business Awards recognized all that we’re doing to solve those problems and get America’s small businesses growing again.
The American Business Awards are the nation’s premier business awards program.
About Capital Access Network, Inc.
Capital Access Network, Inc. (CAN) is the largest and most experienced small business finance specialist for small businesses. CAN’s Daily Remittance Platform and proprietary risk models enable it to evaluate businesses based on their performance, resulting in increased access to capital. Through its subsidiaries, NewLogic Business Loans, Inc. and AdvanceMe, Inc., CAN has given small businesses access to more than $3 billion in working capital over the past 15 years. All business loans obtained through NewLogic are made by WebBank, a Utah-chartered Industrial Bank, Member FDIC.