On Deck Introduces Small Business Game Changer With Launch of On Deck Express
On Deck's Sophisticated Technology Platform Now Gives Main Street Businesses Loan Approvals within minutes
NEW YORK, Feb. 22, 2012 /PRNewswire/ -- On Deck (www.ondeckcapital.com) -- the technology platform that connects Main Street directly to capital -- announced today the launch of On Deck Express, the fastest way for small businesses to access up to $25,000 in as fast as 24 hours online. On Deck Express is also On Deck's most accessible loan yet, serving both Main Street and online businesses that have been open for at least one year.
On Deck Express addresses what millions of local restaurants, retailers, and service businesses need when operating their business – fast access to capital to both take advantage of opportunities and respond to everyday obstacles. Business owners can now exploit time sensitive opportunities to buy discounted inventory, immediately hire new employees to take on larger projects, or quickly replace a critical piece of equipment that their business depends on.
On Deck originally improved small business access to capital through its innovative underwriting platform that created greater efficiencies and accuracies to a historically time intensive process. The introduction of On Deck Express further leverages this proprietary technology to make capital available faster and easier than any other small business finance option on the market. An approval process that often takes weeks or even months with traditional lenders or the Small Business Administration, can now take just minutes, all done entirely online through the On Deck platform.
"Today's uncertain economy creates significant challenges for millions of small businesses and the On Deck platform continues to evolve to best meet these challenges," said Noah Breslow, chief operating officer, On Deck. "On Deck Express allows small business owners to quickly respond to the needs of their day-to-day operations. And our first of its kind online lending process leapfrogs other small business lending options in the market."
Obtaining an On Deck Express loan is fast, simple, and transparent for small business owners. Business owners set up their online profile at www.ondeckcapital.com and immediately get free insights into their credit profile and cash position. The On Deck Express application and approval process is completely automated, and once approved the business owner is empowered to select from available term and loan options that best meet their business needs. From there, On Deck's funding process enables a business owner who is approved Monday morning to have their funds deposited in their account by Tuesday. This is a significant advancement for a process that has historically taken many weeks and required a major investment of time and extensive documentation from business owners. While many business owners prefer the convenience of an all-online process, business owners can always speak to an On Deck loan specialist for assistance, and complete the Express application process offline if they choose.
For the companies in need of a higher amount of capital to fund company investments such as launch marketing campaigns, renovate office space or move locations, traditional On Deck loans up to $150,000 are available that can still be funded faster than any other option available today, in up to seven days. To date, On Deck has delivered more than $200M to thousands of small businesses nationwide.
To learn more about On Deck, please visit www.ondeckcapital.com.
About On Deck
Launched in 2007, On Deck Capital 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 Capital platform, millions of small businesses can obtain affordable loans 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 serve the historically underserved Main Street small businesses market.
On Deck Capital is financed by some of the nation's leading venture capital firms, including SAP Ventures, Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures. For more information, please visit: www.ondeckcapital.com.
SOURCE On Deck Capital
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