CAPITAL ACCESS NETWORK SECURES MORE THAN $185 MILLION IN COMMITTED BORROWING FACILITIES
Backed by Leading Financial Institutions, Company Receives Extended Three Year Funding Capacity
ATLANTA – April 5, 2010 – Capital Access Network, Inc. (CAN), parent company of AdvanceMe, Inc., the nation's leading provider of Merchant Cash Advances to small and mid-sized businesses, today announced that it has closed new financing arrangements. CAN secured $187.5 million in available borrowing capacity from all of the participants in its existing lending group of Wells Fargo Capital Finance, subsidiary of Wells Fargo & Company, Brown Brothers Harriman, Key Equipment Finance, subsidiary of KeyCorp and Fifth Third Bancorp. These revolving facilities have been extended for three years; previous facilities had two year maturities.
These committed credit facilities will allow CAN, via its subsidiaries, the opportunity to extend additional funding to more small and mid-sized business customers.
Glenn Goldman, CAN's Chief Executive Officer, stated: “our existing group of prominent lenders has demonstrated confidence in our business by providing a significant amount of committed borrowing capacity for an extended period of time. This is a huge accomplishment and milestone for our company. We want to continue our positive impact on the small and mid-sized business community, especially during these difficult economic times. Our ability to do so is greatly enhanced with these new facilities.” He continued, “Today's announcement demonstrates the value of our data, systems and technology as well as the financial community's belief in our business plan and continued potential to deliver results.”
Credit Provided by Leading Financial Service Partners
Today's revolving lines of credit are being provided by Wells Fargo Capital Finance, Brown Brothers Harriman, Key Equipment Finance and Fifth Third Bancorp. Wells Fargo Capital Finance is a subsidiary of Wells Fargo & Company, a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores, 12,000 ATMs and the internet across North America and internationally. Brown Brothers Harriman is the oldest and largest partnership bank in America. Key Equipment Finance is also one of the largest U.S. bank-affiliated leasing companies and manages approximately $11 billion in assets. Based in Cincinnati, Ohio, Fifth Third Bank is a diversified financial services company with more than $113 billion in assets.
About Capital Access Network Inc.
Capital Access Network, Inc. (CAN) serves the small business market through its wholly owned subsidiaries, including AdvanceMe, Inc., the leader in Merchant Cash Advances. CAN leverages leading edge data, systems and technology, married to a unique and highly effective collection methodology, to deliver innovative financial products and services geared to the small and mid-sized business markets. Founded in 1998 and headquartered in New York, CAN and its subsidiaries currently employ 300 people in four locations in New York, Georgia, Massachusetts and Costa Rica. CAN's Data Services Division was formed to provide predictive analytics, scoring and other risk management tools to help quantify, control or reduce the exposure of those providing capital or credit to small and mid-sized businesses and to improve the marketing efficiencies of those who target such businesses. CAN's Data Services Division draws upon the data gathered by CAN's subsidiaries through 11 years of collecting and analyzing the sales trends and firmographics of tens of thousands of businesses to which they have provided capital or purchased future credit card receivables. Learn more at www.CapitalAccessNetwork.com.
CAN Credit Sales Report
Important performance information compiled by Capital Access Network's Data Services Division.
Capital Access Network's Data Services Division offers a quarterly report that highlights credit and debit same store card sales trends throughout the small and mid-sized business landscape.
Information for the continued stability and growth of small businesses.
Through detailed research and carefully cultivated expert opinion, Capital Access Network creates White Papers addressed to both the MCA industry and merchants contemplating an MCA. Read more.
CAN's FinTech Group
Powering businesses worldwide with the strength of daily remittance
CAN's Financial Technology Group (FinTech) is a provider of tools and associated services to help quantify, control, or reduce the exposure and costs of those providing capital or credit to small businesses. Put the power of daily remittance into your business!