CAN Capital Hits $4B Milestone
CAN Capital announced it has provided small businesses with access to $4 billion of working capital during the past 16 years.
“This is a significant milestone for CAN Capital, as it underscores the innovation and technology behind our core models, and is also a great indication of small business growth and expansion; always a good sign for the economy,” said Daniel DeMeo, CEO of CAN Capital. “Furthermore, it means small businesses have further evidence they can rely on CAN Capital, and positions us well to educate them and create a higher awareness of alternative finance options.”
According to a CAN Capital survey of over 500 small business owners conducted in April1, 60% say gaining access to working capital is quite or extremely challenging. Half of small business owners surveyed have largely tapped friends and family in order to obtain funding or working capital for their businesses, rather than accessing capital through a financial provider, traditional or alternative.
Seventy-eight percent of respondents said that expansions or purchases of inventory and equipment are the triggers that caused them to seek access to funding. This is an area where CAN Capital has seen robust growth during the past three years as cash flow remains a top concern for small businesses.
“With a focus on predictive data modeling and an acute attention to innovation of new products, CAN Capital continues to be a leader in the alternative finance industry,” said Nigel Morris, Capital One co-founder and managing partner at QED Investors.
Morris added, “Hitting this $4 billion mark is just another impressive milestone in CAN Capital’s recent history. Just in the past year, CAN Capital has facilitated over $1 billion and is expected to continue on this blistering pace for the rest of 2014.”