Marking the largest amount of its kind provided to the alternative small business financing, CAN Capital announced Friday (April 2) that it secured $650 million in funding from a dozen top bank lenders to grow its SMB finance program.
The funding commitment, led by Wells Fargo Capital Finance, also included new funding from Morgan Stanley, Barclays, UBS, J.P. Morgan, SunTrust Bank and First Tennessee Bank; additional commitments were provided by CapitalSource and Amalgamated Bank.
“This transaction continues to fuel our strategy of long-term, profitable growth. We are exceptionally proud to welcome several new, leading institutions to our syndicate, and very pleased to expand our relationship with our longstanding participants,” Daniel DeMeo, Chief Executive Officer of CAN Capital, said in a company news release. “We facilitate fast approvals and funding so business owners can spend time running their businesses instead of searching for capital. We will continue to innovate in our technology and scoring, and introduce new products to better serve our customers.”
According to CAN Capital, the company has provided nearly $5 billion to small businesses for 150,000 SMB transactions across more than 500 industries. CAN Capital is know for its real-time platform that enables access to quicker capital for small businesses across the United States in order to help them grow. And the new commitments from the major banks will help facilitate CAN Capital’s mission.
“We attracted this premier group of financial institutions because of our experience, results and dependability. There is a lot of attention to this category right now – our business has some unique attractions, including that we have driven growth profitably,” the release stated. “Our capital structure is reflective not only of that performance but our intention to continue to lead the category for the long term.”