Credit Line Available to Small Businesses Expanded by $165 Million


Capital Access Network (CAN) has added $165 million to its line of credit from a syndicate of premier financial institutions, 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 Capital Access Network’s existing facility from $295 million to almost $500 million and expands CAN’s ability to help 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.

“Capital Access Network 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 has developed an award-winning 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. Capital Access Network’s proprietary technology and underwriting techniques were developed in tandem with CAN’s invention of daily cycle collection (daily remittance). This approach, and its experience across the spectrum of industry categories, gives Capital Access Network deep insights into the inner workings of small businesses and enables it to provide access to capital based on business performance rather than the personal credit scores of the business owners.

CAN offers small businesses access to multiple finance choices, including small business loans and flexible funding products. This powerful combination of “big data” analytics and multiple product offerings allows the company to help small businesses in need of $150,000 or less, including those turned off from traditional bank loans due to cumbersome application processes and lengthy cycle times. 

“Small businesses can continue to rely on CAN as a working capital partner,” said CEO Daniel DeMeo. “Our strong business fundamentals enable us to firmly commit to serving this market. The expansion of our credit facility means we will maintain our category leadership position.”


News and information presented in this release has not been corroborated by FSR, Food News Media, or Journalistic, Inc.

Add new comment