NEW YORK -- (BUSINESS WIRE) -- Capital Access Network, Inc. (CAN), the largest and most-experienced small business finance specialist, was named to the prestigious Inc. 500|5000 list of fastest-growing private companies. From 2009 to 2012, the company’s revenues grew nearly 50 percent as it helped tens of thousands of small businesses in more than 650 industry categories secure the working capital they needed to weather the economic downturn and pursue growth opportunities.
CAN’s explosive growth is continuing this year. In the first five months of the year, it helped Main Street businesses get access to more than $300 million in working capital, a 50 percent increase compared to the same period last year. In May 2013, the company set a new monthly record by providing America’s small businesses access to $66 million of working capital. Then, in July 2013, it topped that record again when it provided access to more than $74 million in just one month.
Since its inception, CAN has facilitated almost 120,000 fundings, giving small businesses access to more than $3 billion in working capital in the forms of fixed payment business loans and flexible Merchant Cash Advances. In just three years, the company has provided access to more than $400 million in loans through its NewLogic Business Loans subsidiary and its online lending platform.
CAN’s rapid growth is driven by its recent investments in customer experience improvements, marketing and distribution programs. CAN’s multi-million dollar investments in technology enhancements are making it faster and easier for its distribution partners to service small business merchants, and for merchants to find the capital they need to grow.
CAN’s pioneering approach to evaluating small businesses enables it to facilitate more finance requests than others. Its innovative Daily Remittance Platform™ evaluates data from a wide variety of banking, credit card processing and other sources. Many of these variables aren’t even considered in the traditional risk models and processes banks and other traditional finance providers use.
This use of richer, more relevant data gives CAN deep insights into the inner workings of small businesses, enabling it to base applicant evaluations on actual performance rather than less-meaningful information such as personal credit scores and the business owner’s collateral.
“We’re excited to make the list of fastest-growing private companies in America,” said Capital Access Network CEO Daniel DeMeo. “Our growth is fueling small business growth and jobs! While business conditions are steadily improving for small businesses, there’s still a ways to go. The alternative finance products available through CAN give small businesses more options and faster access to the working capital they need to grow.”
About Capital Access Network, Inc.
Capital Access Network, Inc. (CAN) reinvented small business finance to become the largest and most-experienced small business finance specialist. Using industry-pioneering risk models and an unprecedented amount of daily performance data, CAN facilitates more fundings and helps entrepreneurs qualify for more money than they could get elsewhere. Since 1998, thousands of small businesses in more than 650 industries have trusted CAN to provide fast access to the capital they need to grow -- more than $3 billion to date. Banks and other capital providers also choose CAN as a preferred partner to give their customers more finance options.
CAN is profitable and operates with a $460 million line of credit from a syndicate of premiere banks, including Goldman Sachs, Wells Fargo Capital Finance LLC, Capital One, Fifth Third Bancorp, Brown Brothers Harriman, Key Equipment Finance, Amalgamated Bank, Regions Bank, Capital Source and AloStar. It received $30 million in venture backing from Accel Partners. CAN makes capital available through its subsidiaries: Merchant Cash Advances by AdvanceMe, Inc. and business loans through NewLogic Business Loans, Inc. All business loans obtained through NewLogic are made by WebBank, a Utah-chartered Industrial Bank, Member FDIC.