Quoted from a recent CAN press release:
“NewLogic loans bridge the gap between alternative funding products and bank financing, integrating the speed and flexibility of non-traditional working capital options with many of the structures of other commercial loans. Loans will be offered with a pre-set monthly payment amount and fixed maturity date, but with unique features. Qualified borrowers can choose between payment plans; either a structure with flexible, daily payment amounts designed to help SMBs better manage the ebbs and flows of payment card sales in an unpredictable economic environment, or one with fixed payment amounts designed for those who prefer the predictability of fixed payments while still avoiding the one, large, monthly lump sum payment that often strains SMB cash flow management.
NewLogic will employ CAN FinTech Group's Daily Remittance Platform™ (DRP) to handle its transactions. DRP moves beyond simple credit score-based underwriting, which CAN has not found to be predictive of business performance. DRP relies more heavily on recent card sales in its approval process, thereby improving risk decisioning and expanding the delivery of capital to more SMBs. This platform also enables the integration of processing and the provision of capital, providing new, flexible payment options to SMBs, and risk management benefits to capital providers who will now see sales income streams via the business' credit card processing settlements daily.
The “Mini-Payment” feature of NewLogic loans helps SMB cash flow by creating smaller, more frequent payments instead of one lump sum monthly payment. SMBs can choose one of two “Mini-Payment” plans:
- Processor Powered Payment Plan - allows SMBs to make loan payments through their credit card processors in amounts that vary with their card sales volumes -- providing an option to owners who are uncomfortable with a fixed, daily payment amount.
- Weekday Fixed Payment Plan - permits SMBs to make automatic payments with fixed amounts each weekday through the Automated Clearing House system - providing an option to owners who prefer the consistency of pre-set, daily payment amounts.
Unique in features and flexibility, NewLogic business loans are another great way for “Main Street” businesses to handle working capital needs and remain in control.
You can learn more about this exciting new option in small business financing by visiting www.NewLogicBusinessLoans.com.