OTHER • July 10, 2017
2 minutes Read
By: Parris Sanz, Chief Executive Officer, CAN Capital. Inc.
I’m thrilled for CAN Capital to return to funding and continue pursuing our mission established 19 years ago: We Help Small Businesses Succeed. Our return to funding is due principally to three critical elements: a successful partnership with Varadero Capital; the dedication and hard work of the team at CAN Capital; and the patience and support of our sales partners.
First, we couldn’t have hoped for better partners than the team at Varadero. Importantly for us, the firm’s co-founder and Managing Partner, Fernando Guerrero, and his top-notch team have a lot of experience dealing with challenging situations. They were able to see through the superficial “fog” of our situation and focus on the fundamental elements of the great business we have at CAN Capital, including our team. We closed a transaction with Varadero that enabled us to finish paying off our senior lenders and provides us with access to a new credit facility, with which we are restarting our funding operations immediately.
That brings me to the second part of the equation: the team at CAN Capital. When you’re doing deals like the one we just closed with Varadero, you use project names as part of keeping things confidential. On our side of the deal, we used the name Project Spartan. Why? It’s because of the resolve, strength and fighting spirit of the CAN Capital Team. In the world of Ancient Greece, Spartans were the most feared military force around and each Spartan was regarded as being worth several warriors of any other city-state. The project name is so fitting for the CAN Team. I am blown away and so humbled by the dedication and hard work of this Team. We endured 7 long months of stress and strain to hold things together and keep our resolve. Not only did the team hang in there, they worked harder than any of us probably have in our lives and that hard work paid off. CAN Capital is back in market funding again!
The third critical element, completing the picture, was that our key sales partners patiently stood by us, even though we were not in a position to renew their customers. I am so grateful to our partners for their patience and support and for their outpouring of interest in working with us again. Our sales partners are a top priority for us, as we believe there is no better way for us to reach small businesses than through the close relationships our partners have with them. As we come back and grow our business again, we will have a singular focus on our sales partners and strengthening and growing our relationships with them. By working closely with our partners, we can leverage our respective strengths and make each of our businesses better, benefitting our small business customers.
And that’s what it all comes down to: serving our small business customers. With our return to funding, our first priority is working with our existing customers and serving those who are eligible to receive additional capital. Soon, we will open up funding to new customers as well. We are committed to providing the highest levels of customer service as we work toward the goals of servicing highly satisfied repeat customers and sales partners for many years to come.
The hard work certainly doesn’t stop now. We’re just getting started on what will no doubt be a very busy year ahead as we get CAN Capital back on track and refocused on its mission: We Help Small Businesses Succeed.