The Wrap Shak in Londonderry recently secured funding to buy equipment through New York-based Capital Access Network. (COURTESY)
Londonderry gourmet deli turns to NYC firm for business loan
"All those lines of credit that were available when I'd first opened had dried up," restaurant owner Craig Farrington said. "It became nonexistent.
Fortunately for Farrington, help arrived in the form of the New York City-based Capital Access Network Inc. (CAN).
"He turned out to be one very happy customer," DeMeo said during a phone interview.
Over the past year alone, the company has extended $5 million in assistance to small businesses in the Granite State, helping more than 150 business owners.
Naczi noted that oftentimes a small business shows a steady revenue stream of credit sales, but is still denied for loans by traditional banks, which tend to make their lending decisions based on FICA credit scores and previous tax return documents.
CAN offers businesses various options, ranging from loans to cash advances, based on the business's sales history. "It's a very unique option that some business owners prefer because it's done according to actual cash flow," Naczi said.
"So there's a great level of opportunities for people like us to help find solutions," he said. "A company such as ours makes decisions based on data, history and experience."
"The underwriting wasn't overly strenuous … basically they just sent people in to make sure I had the business I said I had," Farrington said. "Everything is up front, and there were no surprises. It was more pleasant and less expensive."
For more information, visit www.capitalaccessnetwork.com.