Capital Access Network announced that it has secured an additional $165 million credit line. The additional funding will extend the company’s lending capacity to nearly $500 million from its current level of $295 million.
Participating in the syndicate are:
- Capital One
- Amalgamated Bank
- Regions Bank
- Capital Source
- AloStar
- Wells Fargo Capital Finance LLC
- Goldman Sachs
- Brown Brothers Harriman
- Key Equipment Finance
- Fifth Third Bancorp
Stimulating rapid growth is the primary goal for the company given the increased credit capacity. In addition to the funding announcement, Capital Access Network is making news with a pair of major management moves: naming co-founder of Capital One Nigel Morris Vice Chairman, and promoting Daniel DeMeo to CEO. DeMeo had been serving as CAN’s chief financial officer since 2010.
A specialist in small business lending, Capital Access Network has provided small businesses with more than $3 billion in working capital since inception in 1998. Targeting financing needs of $150,000 or less, CAN’s technology enables the company to look beyond credit scores to provide funding based on their own assessment of likely business performance.
Headquartered in New York City, Capital Access Network was among the presenters at FinovateEurope 2011 in London. To see the presentation, click here.
Update: Original copy edited to specify Nigel Morris as co-founder of Capital One, and the company’s headquarters in New York City.