Alternative lender CAN Capital has just revealed a major milestone that it says brings the company into the top spot for small business alternative finance. According to an announcement made Thursday (May 7), CAN has facilitated SMEs’ access to more than $5 billion in working capital, a figure more than any other alternative lender.
The milestone was reached after 17 years in business. According to CAN, the company’s data analytics and technology-centered services are what proved successful in small business financing, providing SMEs with an alternative to traditional bank loans.
CAN Capital added that it has worked with more than 156,000 small businesses spanning more than 500 industries through its lending operations. In 2014, the company reported digital business growth of 600 percent.
According to CAN Capital CEO Daniel DeMeo, these statistics reflect SMEs’ increasing demand for financing at affordable rates and convenience access.
“Small business owners have an appetite for investing in inventory, marketing and technology,” he said in a statement. “We facilitate fast approvals and fundings so business owners can spend time focusing on these goals and running their businesses – instead of searching for capital.”
In addition to the $5 billion in SME lending milestone, CAN Capital reported just last month that it broke another record through the development of a $650 million credit facility – the largest of its kind in the alternative lending space, the company claimed. The facility was backed by various lenders including JP Morgan Chase, Wells Fargo, UBS and Barclays.
Earlier this year, CAN Capital announced a partnership with payments technology firm Worldpay to expand its business lending services. The collaboration includes connecting existing Worldpay business clients with CAN Capital working capital through its Merchant Cash Advance and Daily Remittance platform. At the time, CAN said it was focusing on small business funding and quickening their ability to access working funds.