NEW YORK--(EON: Enhanced Online News)--Capital Access Network, Inc. (CAN), the largest and most-experienced small business finance specialist, today announced that it made this year’s InformationWeek 500 – a list of the top technology innovators in the U.S. The company was recognized for its innovative use of technology in improving its customer experience, enhancing interactions with partners and suppliers, and creating a new business model and revenue stream.
“The traditional small business finance process can be complicated and slow”
The key innovation for which Capital Access Network is being recognized is CAN Mobile Funder, which was unveiled at the FinovateFall 2013 conference this month.
CAN Mobile Funder is CAN’s first mobile tool that supports small business finance sales professionals and loan officers who offer working capital to owners in the business’ location. This tool simplifies the process, enabling one customer visit, saving time and helping them close more deals faster.
Salespeople can take prospective small business clients seeking working capital from pre-qualification through a complete application process, cutting the sales process down from 10 days, on average, to less than 20 minutes.
“The traditional small business finance process can be complicated and slow,” said Capital Access Network Chief Technology Officer Franck Fatras. “We are speeding up the process, and providing salespeople with the information and capabilities they need. CAN Mobile Funder is just one example of how CAN develops innovative technologies to improve inefficient processes, and provides access to more capital faster. We’re grateful to have our work recognized on the InformationWeek 500 list.”
Available on most WiFi-enabled tablets, CAN Mobile Funder enables salespeople to:
- Prequalify prospects for two different small business finance products simultaneously – a loan or a Merchant Cash Advance – with just a few pieces of information.
- Use a geolocator supported by a Yellow Pages API to find the business and autofill the client’s application with readily accessible business information, reducing keystrokes and time.
- Obtain the authorization needed to pull the business owner’s credit via electronic signature.
- Receive multiple, customizable finance options within minutes of prequalification, and modify the options within a given range to fit the business’ needs.
- Upload necessary documentation via the mobile device’s camera and attach it to the submission.
- Submit a completed contract while still on site with the business owner.
Funds can be available in a merchant’s bank account within 72 hours of a complete application being submitted.
“The theme of this year's InformationWeek 500 is digital business. It's a movement, rooted in data analytics, mobile computing, social networking and other customer‐focused technologies that are turning companies and industries on their ear,” said InformationWeek Editor In Chief Rob Preston. “Every enterprise is now a digital business—or needs to become one fast. The organizations in our ranking are leading the way.”
InformationWeek identifies and honors the nation's most innovative users of information technology with its annual InformationWeek 500 listing, and also tracks the technology, strategies, investments, and administrative practices of some of the best‐known organizations in the country. Past overall winners include Beth Israel Deaconess Medical Center, PACCAR Inc., The Vanguard Group, CME Group, National Semiconductor, Con‐Way, and Principal Financial Group. Unique among corporate rankings, the InformationWeek 500 spotlights the power of innovation in information technology.
Additional details on the InformationWeek 500 can be found online at www.informationweek.com/iw500/.
About Capital Access Network, Inc.
Capital Access Network, Inc. (CAN) reinvented small business finance to become the largest and most-experienced small business finance specialist. Using industry-pioneering risk models and an unprecedented amount of daily performance data, CAN facilitates more fundings and helps entrepreneurs qualify for more money than they could get elsewhere. Since 1998, thousands of small businesses in over 650 industries have trusted CAN to provide fast access to the capital they need to grow -- more than $3 billion to date. Banks and other capital providers also choose CAN as a preferred partner to give their customers more finance options.
In 2013, CAN was named to the Inc. 500|5000 list of the fastest growing private companies in America. The company operates profitably with a $460 million line of credit from a syndicate of premiere banks, including Goldman Sachs, Wells Fargo Capital Finance LLC, Capital One, Fifth Third Bancorp, Brown Brothers Harriman, Key Equipment Finance, Amalgamated Bank, Regions Bank, Capital Source and AloStar. CAN also received equity capital from Accel Partners in 2012. CAN makes capital available through its subsidiaries: Merchant Cash Advances by AdvanceMe, Inc. and business loans through NewLogic Business Loans, Inc. All business loans obtained through NewLogic are made by WebBank, a Utah-chartered Industrial Bank, Member FDIC.
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