NEW YORK, Nov. 18 /PRNewswire/ -- On Deck Capital (www.ondeckcapital.com), a leading provider of small business financing solutions, announced today an alliance with the National Urban League (NUL), whose mission is dedicated to economic empowerment in order to elevate the standard of living in historically underserved urban communities. The arrangement brings On Deck's proprietary small business lending solutions to NUL's local affiliates through their Entrepreneurship Centers around the nation, starting with Philadelphia and Los Angeles.
Launching in these two major metropolitan markets, On Deck Capital's quickly-approved small business loans will now be directly accessible to thousands of entrepreneurs who have historically been unable to secure funding for their businesses. With traditional banks still denying most applicants small business loans, On Deck has emerged as a viable alternative to entrepreneurs needing to sustain and grow their operations. Visitors to NUL's Entrepreneurship Centers in the Philadelphia and Los Angeles affiliates will learn first-hand how On Deck works, and how they can be approved for a loan up to $100,000 in less than five minutes.
"Our primary focus is to help small business owners nationwide improve their overall fiscal health and credit rating, and secure a fast loan that will allow them to continue to focus on building their American dream," declared Mitch Jacobs, founder and chief executive officer, On Deck Capital. "Through our loans, small businesses can gain a stronger financial footing and ultimately become more bankable, which in effect drives the cornerstone of our economy."
Despite the enormous strength of minority-owned businesses, which generates approximately $660 billion in revenue and employs nearly 5 million workers, this key economic sector remains greatly overlooked and underserved by traditional banks.
According the U.S. Department of Commerce's Minority Owned Business Development Agency, lack of access to capital is one of the main causes for the sizeable gap between annual revenue of minority-owned and non-minority owned firms (minority firms on average generate about 200% less revenue than their non-minority counterparts). On Deck hopes to help close this gap by working directly with NUL's on-the-ground team across key metropolitan urban markets.
"We continuously evaluate and identify key economic empowerment drivers for those in the communities in which we operate," said Marc H. Morial, president and chief executive officer, National Urban League. "On Deck Capital's lending solution perfectly aligns with our small business community's needs, and we are confident this will provide a strong resource for their ongoing growth."
On Deck plans to further roll out this small business recovery solution across additional NUL affiliate offices over the next 6 to 12 months.
The National Urban League's Entrepreneurship Centers provides entrepreneurial service and consultation to entrepreneurs in Atlanta, Cincinnati, Cleveland, Jacksonville, Kansas City, New Orleans, Chicago, Los Angeles, and Philadelphia. Each launch city has been eagerly awaiting this roll out as it presents a new opportunity to better serve their clients.
"Helping minority owned businesses grow in the Philadelphia market will lend itself to creating new jobs, building strategic alliances with major corporations, and providing business opportunities in new and emerging industries," says Patricia A. Coulter, president & chief executive officer, Urban League of Philadelphia. "Through the collaboration with On Deck Capital, we will create a solid community of small businesses that contribute to the growth and sustainability of a stronger regional economy."
For more information on On Deck Capital please visit: www.ondeckcapital.com.
About On Deck Capital
On Deck Capital offers fast financing to small businesses that do not meet traditional bank lending criteria. Through the company's network, millions of small businesses can obtain loans to meet their daily operating and long term goals. The company's proprietary underwriting and loan processing platform looks deeper into the health of small businesses, focusing on the overall business performance, in addition to personal credit history. On Deck Capital is making financial history by enabling institutional funds to directly reach Main Street for the first time.
On Deck Capital is financed by some of the nation's leading venture capital firms, including Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures. For more information, please visit: www.ondeckcapital.com.
About National Urban League
The National Urban League is a historic civil rights organization dedicated to economic empowerment in order to elevate the standard of living in historically underserved urban communities. Founded in 1910 and headquartered in New York City, the National Urban League spearheads the efforts of its local affiliates through the development of programs, public policy research and advocacy. Today, there are more than 100 local affiliates in 36 states and the District of Columbia, providing direct services that impact and improve the lives of more than 2 million people nationwide. Visit www.nul.org.
SOURCE On Deck Capital