CAN Capital Hits $5 Billion MilestoneMay 7, 2015 | By: Press Release
NEW YORK, NY, May 7, 2015 – CAN Capital, Inc., market share leader in the alternative small business finance space today announced that it has provided small businesses with access to more than $5.0 billion of working capital, more than any other company in the space. During its 17 years in business, CAN Capital has leveraged its proprietary data-driven models, technology and customer-focused delivery to cement its position as the largest and most experienced alternative finance company serving small businesses.
To date, CAN Capital has facilitated over 156,000 small business fundings in more than 540 unique industries. CAN Capital’s customer base continues to expand and its digital business grew 600 percent in 2014.
“Reaching this milestone underscores how CAN Capital’s innovative technologies have helped small business owners access much needed capital to grow their businesses,” says Daniel DeMeo, Chief Executive Officer, CAN Capital. “Small business owners have an appetite for investing in inventory, marketing and technology. We facilitate fast approvals and fundings so business owners can spend time focusing on these goals and running their businesses – instead of searching for capital.”
In April 2015, CAN Capital broke records by securing a $650MM credit facility from a dozen leading lenders including two of the three largest US banks – Wells Fargo and JP Morgan Chase – as well as two large international banks – UBS and Barclays. This transaction marks the largest of its kind to ever occur in the alternative finance industry. “Our performance and reputation as the vanguards in the alternative finance space position us for more success, more growth and a greater ability to serve even more small business owners,” says DeMeo.
“Small businesses are an incredibly important part of the American economy. We’re proud we’ve been able to support them over the past 17 years, and look forward to continuing to do so with new products that will help drive future growth for us and our customers.”
Hear the stories behind some of our successful small business customers here: YouTube.com/cancapital1.
About CAN Capital
CAN Capital, Inc., established in 1998, is the pioneer and market share leader in alternative small business finance, having provided access to over $5.0 billion in capital for tens of thousands of small businesses in a wide range of locations and different business types. As a technology-powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way.
CAN Capital makes capital available to businesses through its subsidiaries: Merchant Cash Advances by CAN Capital Merchant Services, Inc., and business loans through CAN Capital Asset Servicing, Inc. (CCAS). All business loans obtained through CCAS are made by WebBank, a Utah-chartered Industrial Bank, member FDIC.May 7, 2015