On Deck Hits 500 Distribution Partner Milestone
$100 Million Delivered to Main Street Keeps Partner Network Expanding Rapidly
NEW YORK, Feb. 28, 2011 /PRNewswire-iReach/ -- On Deck, the first technology platform to connect Main Street directly to capital, announced today it has reached a critical growth milestone -- 500 distribution partners are now working with On Deck to bring financing directly to Main Street businesses. These partners help provide key capital to a critical sector of the economy, millions of local small businesses that help fuel steady employment and continued job growth.
On Deck's distribution partners include community banks, leasing companies, independent sales organizations and mortgage brokers across the country. From small individual operators to nationwide organizations, On Deck partners work directly with Main Street small businesses, providing key insights and guidance on how to best secure capital for their operational needs.
"Our goal is to bring the On Deck platform to Main Street businesses in every town and city in the United States. Crossing the 500 partner milestone is a major achievement in this effort," said Mitch Jacobs, founder and chief executive officer, On Deck. "The overwhelming majority of our sales partners come to us through referral so this milestone is a testament to the strength of our partner platform and the demand for our product. We're ready to scale nationally."
To date, On Deck has helped thousands of small businesses, typically with revenue from $300,000 to $3,000,000 and from a variety of industries, including: restaurants, small retail, auto repair, doctors, dentists and chiropractors. On Deck offers loans from $5,000 to $100,000 based on the performance of a business, rather than the personal credit history of the business owner.
All On Deck partners receive access to the industry leading On Deck Partner Portal – a powerful self-serve online platform where distribution partners can submit and track loan applications and monitor the progress of existing loans. This platform, coupled with On Deck's dedicated account management, training, and marketing programs is designed to maximize partner success.
Key benefits of On Deck's partner sales program:
- Customized, hands-on training educates new partners about On Deck's pioneering short term business loan products and helps partners achieve success quickly
- On Deck's Credit Director technology provides instant feedback on submitted loan applications, analyzing thousands of data points to deliver a recommendation on the likelihood of approval for the applicant
- Online dashboards and revenue management tools enable partners to quickly assess their pipelines, view the status of applications, and identify opportunities to provide additional capital to existing customers
- Turnkey marketing programs and co-marketing assistance help promote the partner's business and generate inbound customer activity
- Dedicated account managers provide regular guidance, strategic insights, and sales support to help partners drive revenue
"On Deck has been an integral part of helping us grow our business," said Michael Bernier, president of SBS Capital, an On Deck partner. "Their loans are a great fit for small businesses, and their partner portal makes the application and lending process fast and efficient."
On Deck achieved record results in 2010 and saw a 3X increase in revenue. Founded by Chairman & CEO Mitch Jacobs, On Deck has created a proprietary technology platform to evaluate the financial health of Main Street businesses and efficiently deliver capital to a market that is underserved by traditional bank loans. To date, the On Deck platform has delivered more than $100 million in loans to thousands of Main Street small businesses across the country.
Joining On Deck's partner program is free, and interested partners are encouraged to contact On Deck for additional information. The company can be reached via phone at 888-269-4246 or by email at email@example.com.
About On Deck
Launched in 2006, On Deck uses data aggregation and electronic payment technology to evaluate the financial health of small businesses and to efficiently deliver capital to a market underserved by traditional bank loans. Through the On Deck platform, thousands of small businesses connect with capital to meet their daily operating and long term goals. The company's proprietary platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner's personal credit history. The On Deck system also provides a critically needed mechanism for commercial institutions to efficiently reach and deploy capital to the Main Street small business market.
On Deck is financed by some of the nation's leading venture capital firms, including Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures, SAP Ventures and Village Ventures. For more information, please visit: www.ondeckcapital.com.
Media Contact: Jonathan Cutler Verse Strategic Communications, 818-981-3023, firstname.lastname@example.org
SOURCE On Deck
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