NEW YORK, Sept. 1, 2017 /PRNewswire/ -- In 2007, the first online loans from OnDeck (NYSE: ONDK) to small businesses in the United States created a new type of commercial lender, one that believed the Internet could revolutionize how small business owners access capital. Today, OnDeck celebrates a decade of innovation on behalf of entrepreneurs, having emerged as the nation's largest online lender to small businesses. To date, OnDeck has provided over $7 billion in capital to more than 70,000 customers in 700 different industries across the United States, Canada and Australia.
"OnDeck started lending online to small businesses ten years ago with a customer-first philosophy and a relentless commitment to providing capital online with speed, efficiency and top-quality service to America's small business owners," said Noah Breslow, CEO of OnDeck and the company's first employee. "This is still the hallmark of our business today as we celebrate a decade of innovation on behalf of small business owners, truly the lifeblood of our economy."
OnDeck made its first loan in August 2007. The company has grown substantially since then, driven by the success of its small business customers. The company's innovative technology-driven platform and data-driven OnDeck Score® have increased the flow of capital to Main Street and expanded growth opportunities for small business. An Analysis Group report commissioned by OnDeck in 2015 analyzed the economic impact from the first $3 billion OnDeck lent to small businesses. The report estimates that those loans powered $11 billion in business activity and created 74,000 jobs nationwide. Flash forward to 2017 and the company has now provided small businesses more than $7 billion in capital. In the retail industry alone, OnDeck has lent more than $1 billion online.
One such OnDeck small business customer is Waterfront Wines and Spirits, a Brooklyn-based boutique retailer specializing in small batch wines and spirits. Owner Ben Bohen and his partners first approached their local bank, but were turned down for a loan because the business was considered "too young." They turned to OnDeck and quickly were approved and received capital for Waterfront Wine and Spirits to expand their product selection to meet stronger-than-expected customer demand. Bohen appreciates the speed of the application process and how quickly he can access his funds from OnDeck once approved.
"I've had the same OnDeck sales rep for a number of years, and at this point we exchange a few quick emails and the process is complete," says Bohen. "That is one of the things that keeps me coming back. The customer service, speed of capital and personal focus have always been outstanding."
OnDeck has led the way in revolutionizing how FinTech companies and banks collaborate in order to harness technology and learnings to drive superior customer experiences for small businesses. Recently, OnDeck and JPMorgan Chase announced a landmark new contract extending their collaboration on Chase's digital small business lending solution, Chase Business Quick Capital®, for up to 4 years. The multi-year agreement enables Chase to develop and deliver increased digital functionality as it delivers lending solutions to its small business banking customers.
OnDeck (NYSE: ONDK) is the leader in online small business lending. Since 2007, the company has powered Main Street's growth through advanced lending technology and a constant dedication to customer service. OnDeck's proprietary credit scoring system – the OnDeck Score® – leverages advanced analytics, enabling OnDeck to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. OnDeck offers business owners a complete financing solution, including the online lending industry's widest range of term loans and lines of credit. To date, the company has deployed over $7 billion to more than 70,000 customers in 700 different industries across the United States, Canada and Australia. OnDeck has an A+ rating with the Better Business Bureau and operates the educational small business financing website BusinessLoans.com. For more information, please visit www.ondeck.com.
OnDeck, the OnDeck logo and OnDeck Score are trademarks of On Deck Capital, Inc.
SOURCE On Deck Capital, Inc.