CAN Capital, a NYC-based alternative small business finance company, secured a $650m credit facility.
The debt round was led by Wells Fargo Capital Finance, with participation from Morgan Stanley, Barclays, UBS, J.P. Morgan, SunTrust Bank, First Tennessee Bank, Fifth Third Bank, Regions Bank, AloStar Bank of Commerce, CapitalSource (a division of Pacific Western Bank), and Amalgamated Bank.
The company will use the funds to expand and accelerate the growth of its small business finance programs.
Led by Daniel DeMeo, Chief Executive Officer, CAN Capital uses its own real-time platform and risk scoring models, built upon its expansive data file, to assess and facilitate the provision of capital to small businesses in the United States.
Established in 1998, the company has provided access to almost $5 billion in capital to small businesses, representing over 150,000 distinct small business finance transactions in more than 540 unique industries.
In 2014, CAN had raised $33m in a round co-led by Meritech Capital Partners and Accel Partners.