Capital Access Network Adds Goldman Sachs to Lenders
Capital Access Network, Inc. (CAN), a next-generation small business finance provider, announced that it has closed a new financing arrangement that can fill a financial void experienced by millions of small businesses. CAN now has a $295 million secured line of credit that can be expanded to $400 million, an increase that dwarfs the financing available to working capital providers in this category and their ability to serve the small business community.
Due to the unique and proprietary way by which CAN subsidiaries provide businesses access to capital, CAN estimates that it now has approximately $1 billion in annual funding capacity. Goldman Sachs is a new participant in the existing syndicate providing CAN’s line of credit, which includes Wells Fargo Capital Finance, serving as sole lead arranger and administrative agent, Brown Brothers Harriman, Key Equipment Finance and Fifth Third Bancorp.
CAN is on target to power the small business community with approximately $600 million in capital in 2012, a record year for the 14-year-old company. CAN’s financial technology innovation, the Daily Remittance Platform, has enabled more small businesses to access more capital faster. By evaluating businesses based upon their performance, incorporating more relevant “daily” information about them into the process and deemphasizing the personal credit scores of the owner, finance-starved small businesses can be approved for capital needed to manage cash flow and grow.
“We welcome the addition of Goldman Sachs to our existing syndicate,” stated Glenn Goldman, CAN’s CEO. “As the creator of the award winning technology platform that has successfully challenged the way Main Street financiers approach small businesses, our lending partners know CAN has a successful track record, supported by the proprietary data, systems and technology needed to deliver capital consistently and responsibly in a market others struggle to serve. Small businesses need capital. Now we have more financial resources to support the needs of virtually every type of business – restaurants, retailers and professional service providers.”
Capital Access Network, through its subsidiaries NewLogic Business Loans, Inc. and AdvanceMe, Inc., has provided small businesses access to $2.5 billion in working capital.