Source: Equipment Finance Advisor

CAN Capital: CAN Capital Announces Up to $287MM in Financing

CAN Capital, Inc., a technology-driven small business specialty finance company, announced it has agreed to a financing transaction of up to $287 million to enhance its capital capacity with Varadero Capital, L.P., a New York-based alternative asset manager.This is the second facility provided by Varadero to CAN Capital, which will use the funds to support its continued growth, make additional investments in talent and technology, and enhance customer experience.In addition, CAN Capital announced it has now provided small businesses with access to over $7 billion of working capital through more than 190,000 funding transactions. This includes more than $280 million over the past 13 months, as part of a long-term, strategic approach to continue to expand access to capital for small businesses. Since its founding in 1998, CAN Capital has helped over 81,000 small business owners open new locations, invest in new equipment and hire employees, among other investments, while serving hundreds of industries, including restaurants, medical offices and auto repair shops."We look forward to utilizing this funding to expand our ability to provide access to capital for small businesses, enhance our technology stack, and continue to build a dedicated, customer-driven team," said Parris Sanz, CEO of CAN Capital. "Reaching $7 billion in working capital is a significant milestone for us. We are excited to use our deep experience and data to enable even more small business owners to grow with streamlined access to capital.""Since our initial facility, we've been impressed by the work ethic and dedication of CAN Capital's staff, which have driven consecutive quarters of business growth and boosted confidence in the company's fundamentals," said Fernando Guerrero, Managing Partner and Chief Investment Officer, Varadero Capital. "We look forward to working with the CAN team on the next chapter of its business expansion and to helping the company serve more small business customers with tech-savvy, frictionless funding solutions."Since 1998, CAN Capital has specialized in small business solutions that provide secure, fast access for business owners to funding often not available from traditional financial institutions, to balance cash flow and invest in their businesses. The company uses over two decades of data to evaluate a business' financial health and highlight potential areas for future growth.

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Edward J. Siciliano's photo - CEO of CAN Capital


Edward J. Siciliano

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