Capital Access Network’s subsidiary Newlogic Business Loans Inc. is now granting loans to merchants through independent sales organizations in all 50 states.
Until now, Newlogic had been offering loans to merchant in about 40 states, according to a company spokeswoman.
Capital Access Network also offers merchant cash advances through ISOs by way of its subsidiary, AdvanceMe Inc.
Merchants pay back advances by signing over a portion of future card receipts, thus keeping their debt service proportional to their revenue, the spokeswoman says.
Merchants that prefer a predetermined maturity date and a set payment amount can choose loans instead of advances.
Newlogic often collects loan payments daily but can schedule for less frequent transfers, the spokeswoman says.
ISOs have an advantage over competitors if they offer merchants loans and advances instead of specializing in one or the other, the spokeswoman says.
