• September 3, 2019
2 minutes Read
Reflections on the Two Year Anniversary of CAN Capital’s Restart: Only Growing Stronger.
Since 1998, CAN Capital has led the charge to help small businesses secure the funds they need to grow. Two years removed from our restart, CAN Capital is happy to be able to celebrate its return to a position of strength in small business lending services.
Since resuming offering access to financing in 2017 we have experienced rapid growth. We are currently on pace to provide small businesses with access to $365 million in working capital in 2019. As a result, CAN Capital will have provided small businesses with access to well over $7 billion in funding across over 190,000 transactions — making us not only one of the longest-lived, but one of the leading small business loan organizations operating today.
As a customer focused leader in the fintech lending space, we know quite a bit about small business challenges. We’re lucky that when we talk to our customers, we find that they most often turn to us when they have an opportunity for growth. But that’s not always the case. Sometimes they turn to us when they find their business at a difficult crossroads. In 2016, after nearly twenty years of helping our customers through their wins and losses, we found ourselves at our own crossroads.
After a brief pull back in loans near the end of 2016, CAN entered our restart period in July of 2017, we learned from our past and looked toward our future. We started by building on our assets rather than getting stuck on our impediments. One of our greatest assets is our customers and the trust and loyalty they have in CAN. We’re proud to say that as a pioneer in the fintech small business lending space, we’ve had ample opportunity to gain that trust and loyalty over the years. After obtaining a new funding source, we reached out to those loyal customers first. Today, 50% of loans originated through CAN Capital comes from our repeat customers.
Of course, we’ve earned that loyalty by keeping our customers happy. We have a “Great” rating on Trustpilot, where customers repeatedly label the lending process through CAN Capital as “easy,” “professional,” and “straightforward.”
As part of our return, we considered it imperative to establish new leadership, and so we hired Edward J. Siciliano to helm CAN Capital as our new CEO. A veteran leader in the financial services space, Siciliano is known for his expertise serving the needs of small businesses while spearheading teams that deliver outstanding products and an exceptional customer experience. Siciliano said it best when he told the Atlanta Business Chronicle, “It’s rare to have the opportunity to work with a company that is a pioneer in its space, yet has so much growth potential.” Even more recently, John McNeill was hired to join as CAN’s new CFO.
What’s next for CAN Capital? The challenges our company faced a few years ago may be behind us now, but we will never forget the lessons we learned. We continue to put our experience into action by maintaining a streamlined operation where happy employees thrive, all the while innovating new products and technology to create a first-class customer experience. Most importantly, we’re proud to say that our commitment to putting our customers first has never wavered. We are honored that we can continue to serve long-time customers, and welcome brand-new customers, now that we are operating at full-strength.
CAN Capital’s core values of Teamwork, Transparency and Tenacity saw us through a trying time, but we’re proud to be back and more ready than ever to fulfill our mission of helping every small business succeed.
About CAN Capital
CAN Capital, Inc., established in 1998, is the pioneer in alternative small business finance, having provided access to over $7 billion in capital for over 81,000 small businesses in a wide range of locations and different business types. As a technology powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way.
CAN Capital, Inc. makes capital available to businesses through business loans made by WebBank, member FDIC, and through Merchant Cash Advances made by CAN Capital’s subsidiary CAN Capital Merchant Services, Inc.
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