New York, NY (PRWEB) July 31, 2012
Challenging the status quo of small business funding, Capital Access Network, Inc. (CAN) announces an enhanced process that qualifies small businesses simultaneously for two different funding products. Businesses seeking working capital can utilize CAN’s application to qualify for either a business loan through NewLogic Business Loans, Inc. (NewLogic) or a Merchant Cash Advance from AdvanceMe, Inc. (AdvanceMe). Through a simple and straightforward application process, these working capital products can provide businesses with access to the money they need in days versus weeks. By evaluating two different options, the potential for an approval as well as the ability to meet customer need and preference is increased.
For the small business sector that continues an uphill battle in accessing capital, the announcement is refreshing news from a company that has already made available more than $2.5 billion to America’s small business sector. “Our research indicates that business owners have specific funding product preferences related to product structure, options and the way in which their funding is handled. Some prefer a remittance amount that ebbs and flows with their card sales while others prefer the consistent payment amount of a loan,” states Glenn Goldman, CEO of CAN. “Until now, most working capital providers have offered only one possible solution. Now we can qualify the business for both and provide as much choice as possible, using a single application. By giving small business owners options and more control over their business’ finances, we increase the likelihood that they will be approved for capital, their business needs will be satisfied, and the solution will fit their business structure.”
CAN is an established and proven partner for small businesses needing working capital for a myriad of projects: to renovate, purchase inventory, upgrade equipment or advertise as well as to handle unexpected expenses and cash flow shortfalls. Earlier this year, CAN received an investment of $30 million from Accel Partners, a leading global venture and growth equity firm that recognized CAN’s unique ability to define the category of next- generation small business finance. Founded in 1998, AdvanceMe has supplied more than $2 billion in working capital to 40,000 small businesses that are continually denied by traditional funding providers. In the two years since NewLogic’s launch, it has provided more than 2,000 customers access to almost $200 million in working capital across the United States.
“Our ability to be an innovative, trustworthy, and reliable source for funding for our customers can be credited to our unwavering dedication to market-leading capital delivery, highlighted by our proprietary Daily Remittance Platform™ (DRP).” Goldman continues. “DRP supports next generation risk scoring and portfolio management through the collection of ‘big data’ including actual daily revenue information of thousands of small business customers, feeding valuable information back into our scoring models. Information decreases risk, which affords us the ability to not just say “Yes” more often, but extend capital more frequently for larger amounts.”
According to the Capital Access Network Spring 2011 edition of the Small Business Barometer, many small and mid-sized businesses still look to their banks first for working capital, but only 34 percent have actually obtained a collateral-based bank loan. As a result, more than one out of 10 small businesses seek more innovative options, including Merchant Cash Advances, non-traditional loans, and peer to peer lenders and factors. “We want our customers to trust that we will provide them with the funding that they need, in the form that best suits their business model, simply and easily,” Goldman concludes.
Additional information regarding CAN and the company’s subsidiaries can be found on the website, http://www.CapitalAccessNetwork.com, CAN can also be found on Facebook at https://www.facebook.com/CapitalAccessNetwork or on Twitter at http://www.twitter.com/CANCapital.
About Capital Access Network, Inc.
Capital Access Network, Inc. (CAN), through its subsidiaries NewLogic Business Loans, Inc. and AdvanceMe, Inc. has provided small businesses access to $2.5B in working capital. CAN’s “Daily Remittance” platform and proprietary risk models enable CAN to evaluate businesses based on their performance, resulting in increased access to capital. With one simple application, businesses are given choices that can provide the cash infusion needed to manage and grow. As the leading developer of next-generation “Daily Remittance” powered financial products and services, CAN also supports small business finance providers desiring more finance options for their own customers in the U.S. and internationally. Learn more at CapitalAccessNetwork.com.