Alternative small business loan provider CAN Capital announced this week that it secured a $650 million credit facility from twelve banks. Seven are first-time participants:
- Wells Fargo Capital Finance
- Morgan Stanley
- Barclays
- UBS
- J.P. Morgan
- SunTrust Bank
- First Tennessee Bank
Five existing banks recommitted funds:
- Fifth Third Bank*
- Regions Bank*
- AloStar Bank of Commerce*
- CapitalSource (a division of Pacific Western Bank)
- Amalgamated Bank
*increased commitments
CAN Capital provides loans and merchant cash-advances to small- and medium-sized businesses. Since launching in 1998, the company has extended a total of 150,000 finance transactions to small businesses, providing access to $5 billion.
The New York-based company is best known for its Daily Remittance Platform. The underwriting technology evaluates business risk based on recent performance, which generally enables it to approve financing for more businesses.
CAN Capital debuted its Mobile Funder on the FinovateFall 2013 stage in New York.