CAN Capital is one of the largest sources of alternative funding for small businesses in the United States. Since 1998, the company has provided around $7 billion in working capital, assisting roughly 125,000 small- and medium-sized businesses throughout North America with term loans. CAN Captial offers business loan and merchant cash advance options.
CAN Capital is a great funding option for new and small businesses looking for a short-term loan. CAN Capital will loan anywhere from $2,500 to $150,000. The average amount loaned to small businesses is around $46,000.
The company offers loan terms anywhere from 4 to 24 months, while the average life of a small business loan sits around 13 months. It's convenient for borrowers that there are repayment terms ranging from short-term to long-term.
Additionally, the average interest rate of one of these loans is 27.3 percent.
CAN Capital has several positive reviews on BestCompany.com. Entrepreneurs say that CAN Capital employees are great to work with. The company typically provides quick access to borrowed money and always makes the funding and application process smooth and easy.
CAN Capital is great for business loans because the company has low requirements that are displayed online including low, fixed daily payments, automated ACH deductions from the business checking account, and a no personal collateral required policy.
CAN Capital also considers business performance and cash flow as part of its business loan terms. They even have a calculator to estimate costs. Other lenders will only tell you their cost and requirements after you apply, rarely letting customers know detailed information upfront, such as what credit score is required, what monthly payments will look like, and what your repayment terms will be.
With transparent information from CAN Capital, you can decide right away if this is a good loan for you. Having transparent information also makes the loan application process a lot simpler and worry-free.
At CAN Capital, companies that payback their loans early are rewarded with a six percent prepayment discount on the FULL outstanding balance after 90 days (if the account is in good standing). When you apply for a loan with CAN Capital, this information is in their Business Loan Agreement.
Loans from CAN Capital are ideal for businesses that need fast access to small amounts of cash (two days to funding). Most banks won't even look at loans under $50,000, and many alternative lenders only provide minimum loans of $5,000. With CAN Capital, you can get a $2,500 loan. To qualify for higher loans, you must be making more than the minimum requirement each month.
The majority of people think that the most important aspect of a business loan is the interest rate, and we tend to agree with them. When you take out a loan with CAN Capital, you will pay about $0.35 in interest for every $1 you take out.
These calculations are based on CAN Capital's own calculator - taking out a $100,000 loan for 12 months. However, these rates go down with your term length and may fluctuate based on your credit. For example, if you only need to borrow cash for four months, CAN Capital charges around $0.15 per $1 borrowed.
CAN Capital also charges an origination fee of three percent. However, CAN Capital is transparent about its requirements and does not charge any hidden fee that will surprise the borrower.
The annual revenue requirement is high with a minimum of $150,000. The highest amount CAN Capital will lend is $150,000 - slightly lower than the average. But if you want to access this much cash, your business needs to generate around $1 million in monthly sales. As far as we have seen, no other lender has such high revenue requirements.
Lynn Dietz Canton, TX
4 years ago