CAN Capital Review: Business Loan Providers

CAN Capital is a seasoned player in the small business financing industry, providing tailored working capital loans and equipment financing to businesses looking to grow or manage their operations effectively. They claim a strong track record with over 190,000 funding transactions and more than $8 billion in working capital provided.

Streamlined application process

The company emphasizes a streamlined online application process, aiming to deliver quick and customized financial solutions to meet the varied needs of its clients. While the specifics of their loan terms, interest rates, and fees are not transparently outlined on the website, CAN Capital's experienced presence in the market and positive reviews positions them as a potentially strong partner for small businesses seeking financial support.

Working capital loans and equipment financing

CAN Capital presents two main financial products: working capital loans and equipment financing. Working capital loans are short-term loans presented as flexible options for various business needs. Equipment financing, meanwhile, is tailored for businesses needing to purchase new equipment. For vendors, CAN Capital offers solutions enabling them to provide equipment financing to their customers, potentially boosting sales and maintaining profit margins.

Borrow up to $250,000

CAN Capital's working capital loans are designed to provide businesses with the funds they need to cover various operational expenses, from inventory and payroll to vendor fees and marketing campaigns. They offer funding amounts ranging from $2,500 to $250,000 with term lengths of 6 to 24 months. The company claims a quick decision-making process and the possibility of depositing funds as soon as the next business day if approved. The repayment process involves automated ACH deductions, and there is an available pre-payment discount.

Get up to $250K for equipment

CAN Capital offers equipment financing for small business owners looking to acquire new or used equipment. They provide funding up to $250,000 with term lengths ranging from 24 to 72 months. An important feature of their service is that they only conduct a soft credit pull, ensuring there is no impact on the customer's credit score. They also offer the possibility of 100% financing, covering the whole cost of the equipment, including additional costs such as delivery charges, taxes, installation, and training. Plus, the structure of the financing is such that the equipment could potentially pay for itself over the course of the term, with revenue generated from its use.

Trustworthy partner for vendors

On the vendor side of the transaction, CAN Capital provides a unique program aimed at equipment vendors, centering on the concept of not just processing equipment financing applications but also being a true business ally for these vendors. They propose solutions that can aid equipment vendors in selling more products, maintaining profit margins, and allowing their customers to acquire the necessary equipment for their businesses.

Funds for equipment financing

The service highlights that most businesses, about 80%, utilize some sort of financing for their equipment purchases which underscores the demand for accessible equipment financing options. Offering such options can help vendors by providing their customers with low monthly payments and the opportunity to get equipment with little or no money down, which can be a significant selling point. Moreover, this type of financing can assist the customer's cash flow management and may offer tax savings under IRS Section 179, with the potential for businesses to deduct some or all of the equipment purchase price.

Variety of benefits

The benefits that CAN Capital touts for its Equipment Financing (EF) Program include having a dedicated Business Development Manager, swift turnaround times on credit applications, competitive finance rates, and the flexibility to finance both new and used equipment. This program is designed for vendors looking to increase their sales through robust financing options and directly benefits you as the borrower.

Limitations you should be aware of

CAN Capital's funding comes with certain limitations that potential borrowers should consider. First, to be eligible for their term loan product, a business must have at least three years in operation, a personal guarantor with a FICO score of 600 or greater, less than $175,000 in outstanding tax liens or judgments, and no open or dismissed bankruptcy within the last 24 months. An origination fee of 3% of the principal amount is also charged, which is deducted from the business's bank account the day after funding.

Automatic repayments

Regarding repayment, the payments for CAN Capital's term loan are automatic, with a predetermined amount debited from the business account either every weekday or on one specific weekday depending on the agreement. They also place restrictions on renewal processes, indicating that a renewal specialist will contact eligible businesses to discuss their options when they become eligible for review. This suggests that renewals are not automatically available and require further qualification review.

Application process is straightforward

The application process for CAN Capital begins by filling out their multi-step online form with contact information and financial data about the business. The loan application then goes to a broker who will then inform the business of its potential qualifications and funding amounts available with no obligation to proceed.

Funding within 1 business day after approval

Once approved, the funds can be sent to the business account as quickly as the next business day, demonstrating the company's commitment to swift financial support. If future funding is needed and the business is eligible for renewal, a specialist from CAN Capital will make contact to review options and process the renewal.

Customer reviews are very positive

Based on the numerous positive reviews we found, CAN Capital draws frequent praise for fast funding turnarounds, professional and responsive customer service, smooth application processes, and long-term lending partnerships. Specific strengths highlighted include staff who are timely, efficient, compassionate, dependable, and loyal in supporting client needs. Customers emphasize that CAN Capital delivers on funding reliably and quickly when needed, with account representatives guiding clients through every step, tackling obstacles that arise. The positive reviews portray CAN Capital as a company committed to forming trusted relationships with small businesses over years of repeat lending, rather than just pursuing one-off transactions. Multiple customers express gratitude and plans to stick with CAN long-term due to the customized guidance and care they receive.

A few complaints

While CAN Capital draws a vast amount of high praise for friendly staff, in some few cases they seem to have struggled with high interest rates that make borrowing costly, poor customer service when issues arise, inflexibility adjusting payments during COVID-19 hardship, and harsh collection tactics like filing liens or contacting clients' customers over accounts.

Excellent choice if you need a business loan fast

CAN Capital is a great choice for businesses in need of expedited financing, offering a swift application process and rapid access to funds, often as soon as the next business day. The company is recognized for its commitment to building lasting relationships with clients, underscored by the personalized service and consistent support from dedicated account representatives. Their professional and compassionate customer service team is often highlighted in customer testimonials, suggesting a customer-centric approach. With flexible financing options tailored to meet various business requirements and great reviews, CAN Capital positions itself as a responsive and reliable lending partner for businesses seeking growth or stability through additional capital.

Learn More  ➜

On the CAN Capital website