|[April 30, 2014]
CAN Capital Hits $4 Billion Milestone, Over 55,000 Small Businesses Funded
NEW YORK --(Business Wire)--
CAN Capital, Inc., the market share leader in the alternative small
business finance space, today announced it has provided small businesses
with access to $4 billion of working capital during the past 16 years,
more than any other company in the space. The company was founded in
1998 by a small business owner and continues to serve the needs of small
businesses nationally. CAN Capital has leveraged its proprietary,
data-driven models, technology and customer service to cement its
position as the most experienced provider of alternate financial
services that best understands and serves the needs of small businesses.
CAN Capital works to meet small businesses' needs at all different
stages of their growth. Three out of four eligible customers return to
CAN Capital for access to additional capital. The online process allows
for efficient access to capital, and approved funds can be wired in as
little as two business days from initial approval. Merchants have
dedicated relationship managers that work with them through their
"This is a significant milestone for CAN Capital as it underscores the
innovation and technology behind our core models, and is also a great
indication of small business growth and expansion; always a good sign
for the economy," said Daniel DeMeo, CEO of CAN Capital. "Furthermore,
it means small businesses have further evidence they can rely on CAN
Capital, and positions us well to educate them and create a higher
awareness of alternative finance options."
According to a CAN Capital survey of over 500 small business owners
conducted in April1, sixty percent say gaining access to
working capital is quite or extremely challenging. Half (50%) of small
business owners surveyed have largely tapped friends and family in order
to obtain funding or working capital for their businesses, rather than
accessing capital through a financial provider, traditional or
Seventy-eight percent of respondents said that expansions or purchases
of inventory and equipment are the triggers that caused them to seek
access to funding. This is an area where CAN Capital has seen robust
growth during the past three years as cash flow remains a top concern
for small businesses. Since 2011, the company has provided access to
$151 million in capital for business needs such as equipment purchases,
remodeling and expansions.
To date, CAN Capital has helped more small businesses than any other
alternative finance compay. It has served more than 55,000 businesses
in 840 industries, with a 50 percentage point increase in industries
served since founding. CAN Capital's customer base continues to grow,
with a 59 percent increase in total customers over the past three years.
The company has also seen an 86 percent increase in funding amounts
since 2009 and expects to see continued growth in 2014.
"With a focus on predictive data modeling and an acute attention to
innovation of new products, CAN Capital continues to be a leader in the
alternative finance industry," said Nigel Morris (News - Alert), Capital One co-founder
and managing partner at QED Investors. Morris, who sits on CAN Capital's
board as Vice Chairman, added, "Hitting this $4 billion mark is just
another impressive milestone in CAN Capital's recent history. Just in
the past year, CAN Capital has facilitated over $1 billion and is
expected to continue on this blistering pace for the rest of 2014. This
accelerating and exciting growth, coupled with CAN Capital's experience
and expertise in the alternative finance space, gives me a great deal of
confidence in the company's short and long term future."
CAN Capital has been named one of the fastest-growing private companies
in America by INC. magazine and has been recognized with an American
Business Award for "Financial Services Company of the Year." Last year,
the company rebranded as CAN Capital, strengthening its brand presence
in the marketplace. In addition, $33 million in additional funding was
co-led by Meritech Capital Partners and Accel Partners (News - Alert) while QED
Investors and Ribbit Capital increased their investment stake in the
DeMeo, adds: "As we look ahead over the next several years, what we
really want to do is continue to contribute to the growth of small
businesses and are looking at expanding our online efforts and exploring
new products and offerings."
CAN Capital is on target to provide more than $1 billion of access to
capital to small businesses in 2014 alone. Hear the stories behind some
of our successful small business customers in CAN Capital's new Faces of
Funding campaign at 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
$4 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. Its business evaluation
model allows it to help small businesses qualify for more money than
they could obtain elsewhere.
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.
For more information, please visit: www.cancapital.com.
Follow CAN Capital on Twitter
1 Percentages are based on the responses collected from a
survey of 550+ American small business owners, ages 18 and older using
SurveyMonkey and SurveyMonkey Audience (News - Alert). The survey was run between March
31, 2014 and April 8, 2014 by CAN Capital and SurveyMonkey.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140430006410/en/
[ Back To TMCnet.com's Homepage ]