Capital Access Network Inc. is expanding its annual funding capacity to $1 billion.
The added funding comes through updated financing agreements with Wells Fargo, Brown Brothers, Fifth Third Bancorp and Key Bank, Capital Access said in an Oct. 1 press release.
Goldman Sachs also has formed a relationship with Capital Access, increasing its secured line of credit to $295 million (expandable up to $400 million), the release said.
Capital Access provides funding through independent sales organizations to small and medium-sized businesses. Its Newlogic subsidiary makes loans with predetermined maturity dates and payments amounts, and its AdvanceMe subsidiary offers merchant cash advances, which merchants pay back as a percentage of payment card receivables.
