Capital One, Others Join Lender Group to Expand CAN’s Credit Line
Capital Access Network (CAN), a small business finance specialist, has added $165 million to its line of credit from a syndicate of financial institutions, now including Capital One, Amalgamated Bank, Regions Bank, Capital Source and AloStar. These banks join Wells Fargo Capital Finance, Goldman Sachs, Brown Brothers Harriman, Key Equipment Finance and Fifth Third Bancorp in the syndicate.
The move increases CAN’s existing facility from $295 million to almost $500 million. This will expand CAN’s ability to help American small businesses get access to the working capital they need to operate and grow.
The additional capacity will fuel the next phase of rapid growth at CAN. The company recently appointed Capital One co-founder Nigel Morris as the vice chairman of its board of directors. Also an investor, Morris will be taking an active role in the company. He will work alongside Daniel DeMeo, Capital Access Network’s new chief executive officer and former chief financial officer, to accelerate the company’s growth.
“Capital Access Network is the genuine article. The company understands small businesses, its models are time-tested and proven, and it continues to generate significant profit, fueling growth and category innovation,” Morris said. “Many deserving small businesses struggle to access the working capital they need to operate and grow. I’m excited to be part of a company that has the experience, resources and focus to help them.”
Capital Access Network developed a technology platform and proprietary algorithms that are proven to be highly predictive of actual small business risk and performance. Its risk models evaluate a multitude of business performance variables by integrating daily data from firmographic, banking and credit card processing sources.