According to the most recent CAN Capital Store Front Business Index, powered by PYMNTS, there are 3.4 million store front businesses in the U.S. today, a figure that represents a 3.4 percent increase during the fourth quarter of 2015. Each of those businesses is run by an entrepreneur — the latest target of the alternative lending platform.
An announcement released on Monday (May 2) said CAN Capital is collaborating with Entrepreneur Media, the publisher of Entrepreneur magazine, to link entrepreneurs to loans through its platform.
According to the companies, later this year will see the rollout of Entrepreneur Lending for Entrepreneur’s small business-owning readers and customers.
“At Entrepreneur Media, we are committed to solving business pain points by providing relevant information and trusted solutions to current and aspiring businesses,” said Entrepreneur Media CEO Ryan Shea in a statement. “We’ve often asked our customers what services are most important to them, and lending is always near the top of the list."
“We know that navigating small business financing options can be a particularly difficult and time-consuming task; therefore, we’re thrilled to partner with CAN Capital to create Entrepreneur Lending,” the executive continued.
The announcement added that financing accessed through the Entrepreneur Lending portal can be used for a variety of reasons, including purchasing inventory and equipment, opening new locations and more.
CAN Capital said it can provide entrepreneurs with financing in just two working days, in some instances.
In a separate statement, CAN Capital CEO Daniel DeMeo cited the kickoff of National Small Business Week as a driver behind the timing of this announcement.
“As we get ready to celebrate National Small Business Week, we are excited to work with Entrepreneur Media to continue delivering our vision of helping small businesses grow and achieve their goals through fast access to funding,” he said.