Press Release May 21, 2013
New York (May 21, 2013) “ Capital Access Network, Inc. (CAN), the largest and most-experienced small business finance specialist, has added $165 million to its line of credit from a syndicate of premier financial institutions, now including Capital One, Amalgamated Bank, Regions Bank, Capital Source and AloStar. These banks join Wells Fargo Capital Finance LLC, Goldman Sachs, Brown Brothers Harriman, Key Equipment Finance and Fifth Third Bancorp in the syndicate. The move increases Capital Access Network’s existing facility from $295 million to almost $500 million. This will expand Capital Access Network’s ability to help America’s small businesses get access to the working capital they need to operate and grow.
This latest credit facility expansion reinforces CAN’s position as the dominant industry leader. CAN has helped small businesses obtain access to more than $3 billion in working capital since 1998. Given this rich history, CAN has been able to provide more businesses access to working capital than its competition. Through this wider array of opportunities, CAN is better able to learn about the risk of a business, making it smarter and faster for future customers. The additional capacity will fuel the next phase of rapid growth at CAN. The company recently appointed Capital One co-founder Nigel Morris as the Vice Chairman of its Board of Directors. Also an investor, Morris will be taking an active role in the company. He brings unmatched expertise, having driven Capital One’s growth into the Fortune 500. He will work alongside Daniel DeMeo, Capital Access Network’s new Chief Executive Officer and former Chief Financial Officer, to accelerate the company’s growth.
Capital Access Network is the genuine article. The company understands small businesses, its models are time-tested and proven, and it continues to generate significant profit, fueling growth and category innovation, Vice Chairman Nigel Morris said. Many deserving small businesses struggle to access the working capital they need to operate and grow. I’m excited to be part of a company that has the experience, resources and focus to help them.
Capital Access Network has developed an award-winning technology platform and proprietary algorithms that are proven to be highly predictive of actual small business risk and performance. Its risk models evaluate a multitude of business performance variables by integrating daily data from firmographic, banking and credit card processing sources. Capital Access Network’s proprietary technology and underwriting techniques were developed in tandem with CAN’s invention of daily cycle collection (daily remittance). This approach, and its experience across the spectrum of industry categories, gives Capital Access Network deep insights into the inner workings of small businesses and enables it to provide access to capital based on business performance rather than the personal credit scores of the business owners. Over the past 15 years, CAN has applied this approach to understanding merchant behavior and small business performance over three economic cycles. This experience, which enables small businesses to hear yes more often, creates a virtuous cycle of learning which, when coupled with CAN’s proprietary technology, data and models, enables a higher approval rate and broader range of customized products and offers that can be matched to the business’ profile. CAN offers small businesses access to multiple finance choices, including small business loans and flexible funding products. This powerful combination of big data analytics and multiple product offerings allows the company to help small businesses in need of $150,000 or less, including those turned off from traditional bank loans due to cumbersome application processes and lengthy cycle times.
Small businesses can continue to rely on CAN as a working capital partner, said CEO Daniel DeMeo. Our strong business fundamentals enable us to firmly commit to serving this market. The expansion of our credit facility means we will maintain our category leadership position.
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. Learn more at www.CapitalAccessNetwork.com.