CAN Capital Secures $650MM from Wells-Led Group
Alternative small business finance company CAN Capital announced it secured a $650 million credit facility from a dozen leading lenders.
Led by Wells Fargo Capital Finance, the transaction includes new commitments from Morgan Stanley, Barclays, UBS, J.P. Morgan, SunTrust Bank and First Tennessee Bank, increased commitments from Fifth Third Bank, Regions Bank, and AloStar Bank of Commerce, and continuing commitments from CapitalSource and Amalgamated Bank. The company will use the funds to expand and accelerate the growth of its small business finance programs.
“This transaction continues to fuel our strategy of long-term, profitable growth. We are exceptionally proud to welcome several new, leading institutions to our syndicate, and very pleased to expand our relationship with our longstanding participants,” says Daniel DeMeo, chief executive officer of CAN Capital.
CAN Capital uses its own real-time platform and risk scoring models, built upon its expansive data file, to assess and facilitate the provision of capital to small businesses in the United States. The company has provided access to almost $5 billion in capital to small businesses, representing over 150,000 distinct small business finance transactions in more than 540 unique industries.