Capital Access Network (CAN), a small business finance specialist, is getting more working capital than ever into the hands of small business owners. In May 2013, the company set a new monthly record by providing America’s small businesses access to $66 million of working capital.
Additionally, the company announced the expansion of its line of credit by $165 million, giving it a total capacity of nearly $500 million. A syndicate of ten financial institutions, including Wells Fargo Capital Finance, Goldman Sachs, Fifth Third Bancorp and Capital One provided the credit line extension.
In the first few months of the year, CAN helped thousands of entrepreneurs get access to more than $300 million, a 50% increase compared to the same period last year. This strong growth reflects the company’s recent investments in customer experience, marketing and distribution programs.
“Small businesses are ready to grow again and need working capital to upgrade equipment, purchase inventory and fund new marketing programs,” said Capital Access Network CEO Daniel DeMeo. “Banks have been hampered in funding these requests due to outdated risk evaluation tools and the additional pressures brought on by the economic recession. Both directly and through our expansive partner networks, CAN is able to connect small businesses to the capital they need when they need it most. That’s why more partners and small business merchants are choosing to work with us.”
DeMeo attributed his company’s ability to help more small businesses to its highly predictive risk models and award-winning technology platform. CAN’s Daily Remittance Platform evaluates data from a wide variety of firmographic, banking and credit card processing sources.