Merchant Cash Advance Leader Secures 140 Million Dollars in Borrowing Facilities Believed to be Largest in Merchant Cash Advance Industry |
atlanta (April 9, 2008) –AdvanceMe, Inc. (AMI), the nation's leading provider Capital Access Network, Inc. (CAN) today announced that it has closed new financing arrangements, supporting its ability to serve the increased demand for working capital from small to mid-size businesses. CAN secured $140 million in available borrowing capacity, plus the ability to add an additional $50 million, from several prominent sources including Brown Brothers Harriman, Wells Fargo Foothill and Fifth Third Bank. These facilities provide approximately $100 million in additional funding capacity compared to the company's previous facilities. This increased capacity is the result of a new asset-backed commercial paper facility in addition to a revolving line of credit supporting its Merchant Cash Advance operations through AdvanceMe, Inc. and leasing through PredictiFund, Inc., as well as anticipated product expansion. An Industry First and Proof of Concept These new credit facilities, believed to be the largest in the Merchant Cash Advance industry, will allow AdvanceMe to service significantly more customers during the next 24 months and beyond. CAN's Chief Executive Officer, Glenn Goldman stated: “The fact that we were able to close such advanced and significant financing arrangements during today's uncertain economic environment, from some of the biggest players in the marketplace, underscores the value of our data, our systems and our technology as well as the market's belief in our business plan and potential.” He continued, “Today's announcement of our new conduit is especially relevant to small businesses given the current credit market and speaks volumes to our company's potential within the financial services industry.” AdvanceMe is currently in a period of substantial growth and today's announcement of the increased borrowing capacity of CAN and its subsidiaries will allow the company to meet the funding and leasing needs of its growing customer bases and provide for future expansion. Credit Provided by Leading Financial Service Partners Today's revolving line of credit is being provided by long time financing providers Wells Fargo Foothill and Brown Brothers Harriman. Wells Fargo Foothill is a part of Wells Fargo & Company (NYSE:WFC), a diversified financial services company with $575 billion in assets and 160,000 team members worldwide. Brown Brothers Harriman is the oldest and largest partnership bank in America. Participating in the commercial paper conduit with Wells Fargo Foothill is Fifth Third Bank, CAN's newest financial partner. Fifth Third Bank is a diversified financial services company with over $100 billion in assets, based in Cincinnati, OH.
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