NEW YORK--(BUSINESS WIRE)--Today, Capital Access Network, Inc. (CAN) announces the increased availability of small business loans through its subsidiary, NewLogic Business Loans, Inc. (NewLogic). NewLogic is now able to provide access to an innovative loan product to small businesses in all fifty states. Through a single application, businesses across the U.S. can be qualified for two different products: a business loan through NewLogic and a Merchant Cash Advance from NewLogic’s sister company AdvanceMe, Inc. These products provide businesses with access to the money they need in days versus weeks through a simple and painless application process. The sales organizations that sell these working capital products will benefit from a simplified process, similar funding size ranges, and consistent pricing thresholds across all fifty states, enabling them to satisfy more customers and earn more revenue.
NewLogic provides access to an alternative business loan that integrates the speed, approval rates and flexibility of non-traditional working capital products, but with commercial loan structures, including fixed payment amounts and a maturity date. Unlike traditional loans, loans provided through NewLogic offer business owners the ability to make business friendly “mini-payments” every weekday. Automatic, smaller repayments are made on a “daily” basis versus the larger once-monthly payment typical of other business loans.
NewLogic’s innovative approach provides access to loans with terms that meet the needs of underserved small businesses. Loans up to $150,000 per location and as long as 36 month terms are available for a broad range of businesses, including those whose owners have less than perfect credit. Instead of focusing on personal credit scores, the history, sales performance and cash flow of the business, which are truer indicators of its health, are used to determine eligibility. The money can be deposited into the bank account of the approved business quickly, in as few as 24 hours, and can used for almost any business purpose.
“In the two years since NewLogic’s launch, the company has helped almost 4,000 small businesses customers access $200 million in working capital. NewLogic’s success in serving the small business community’s credit needs demonstrates the market’s desire for working capital products that are easy to access and tailored to business owners preferences,” states Glenn Goldman, CEO of CAN. “While traditional banks are still limiting access to capital to small businesses seeking loans, Capital Access Network is providing options. Through one application, businesses are considered for multiple innovative products. Businesses appreciate the ability to choose a product that fits their needs, especially since their options to date have been extremely limited,” Goldman continued.
A survey of nearly 6,000 businesses by Pepperdine University and Dun & Bradstreet Credibility Corp. during the first quarter shows that nearly a third of the participants said they plan to seek new financing in the next six months1. While 68 percent of survey respondents stated they would try to borrow capital from a bank, a survey taken in January 2012 shows that less than half (47 percent) of small business owners stated they had been successful in securing a bank loan during the previous six months. Added Goldman, “To fill the unmet needs of small businesses, we continue to develop strategic partnerships with market-leading organizations that see value in building customer relationships and additional revenue streams by providing their small business clients with access to the capital they need to manage their businesses and flourish. We look forward to serving even more salespeople and new partners, as well as those already in the CAN family, with this nationwide enhancement.”
Expanding Opportunities for ISOs
CAN has a strong history of providing innovative products and tools that expand the revenue potential of sales teams, including payment and finance organizations serving small businesses, as well as Independent Sales Organizations (ISO). Since 1998, hundreds of ISOs and affiliate partners have chosen the CAN family of products to expand their offerings and serve their customers’ needs.
Additional information regarding NewLogic can be found on the website, www.NewLogicBusinessLoans.com, NewLogic can also be found on Facebook at www.facebook.com/NewLogicBL or on Twitter at www.twitter.com/NewLogicBL.
About NewLogic Business Loans, Inc.
NewLogic Business Loans, Inc., a subsidiary of Capital Access Network, Inc., provides access to innovative loans to small and mid-sized businesses desiring unique, flexible features including: application evaluation in hours rather than weeks and business-friendly approval decisions. Loans are structured with the intent of building long-term relationships with terms that fit the needs of the business and convenient online applications. That’s why it’s Smart Money for Small Business. For more information, please visit: NewLogicBusinessLoans.com.
*All business loans are made by WebBank, a Utah-chartered Industrial Bank, Member FDIC.
About Capital Access Network, Inc.
Capital Access Network, Inc. (CAN) has provided small businesses access to $2.5B in working capital. CAN’s “Daily Remittance” platform and proprietary risk models enable CAN to evaluate businesses based on their performance, resulting in increased access to capital. With one simple application, businesses are given choices that can provide the cash infusion needed to manage and grow. As the leading developer of next-generation “Daily Remittance” powered financial products and services, CAN also supports small business finance providers desiring more finance options for their own customers in the U.S. and internationally. Learn more at CapitalAccessNetwork.com, AdvanceMe.com and NewLogicBusinessLoans.com