Capital Access Network Raises $30M From Accel To Loan Small Businesses Working Capital

In this economic climate, many small businesses do not qualify for loans based on the standards imposed by banks and financial institutions. For fledgling businesses, the establishment doesn't have enough cash flow, revenue or credit to qualify for a loan. Many times, entrepreneurs have to put up personal assets as collateral for loans, which can be problematic and risky. The fact is working capital is difficult to get from banks unless a business has perfect credit. Capital Access Network (CAN), a company that gives small businesses access to credit and working capital and helps solve the problem outlines above, is announcing this morning that it has raised $30 million from Accel Partners. As part of the transaction, Accel partner, Kevin Efrusy will join Credit Access?s board of directors, and Accel vice president, John Locke, will join as an observer.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/77v0G7L8uOk/

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