SYS-CON MEDIA Authors: Carmen Gonzalez, Yeshim Deniz, Nikita Ivanov, Sean Houghton, Glenn Rossman

News Feed Item

CAN Capital Hits $4 Billion Milestone, Over 55,000 Small Businesses Funded

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 funding lifecycle.

“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 alternative.

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 company. 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, 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 while QED Investors and Ribbit Capital increased their investment stake in the company.

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 and Facebook.

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. The survey was run between March 31, 2014 and April 8, 2014 by CAN Capital and SurveyMonkey.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...