NEW YORK, June 20, 2019 /PRNewswire/ -- OnDeck (NYSE: ONDK), the leader in online lending to small business, today announced the launch of a national "Summer of Small Business" campaign spotlighting the hard work and achievements of small business owners. As part of the summer-long effort, CEO Noah Breslow will travel across the country to meet with and detail the personal journeys of small businesses to raise awareness of how critical access to financing is to their survival.
The OnDeck campaign on behalf of small business owners will run from June to September and will feature digital, social and content updates from the road as Mr. Breslow visits with customers from coast to coast. The company has launched a dedicated hub within its Small Business Resource Center at: https://www.ondeck.com/resources/summer-2019 to capture the visits throughout the summer. The hub will also include commentary and insight from small business owners, tips, resources and important news on issues impacting small businesses.
"Since OnDeck's inception more than a decade ago, our focus every day has been on empowering small businesses with financing options that can help them achieve their goals," said Noah Breslow, CEO, OnDeck. "Sometimes lenders forget that the business owner seeking financing from them is a part of the greatest economic engine for growth in our country. Each one is taking a risk to build a business, create jobs, and support their community. We feel privileged this summer to meet with and say thank you to the small business owners who contribute so much to our nation."
Mr. Breslow got a head start on the Summer of Small Business campaign last week by visiting customers in Maryland and Virginia. In Bel Air, Maryland, he sat down for an afternoon of high tea with Tea By Two co-owners Erin Bradley and Janet Meyers. The unique tea room was the winner of OnDeck's Small Business of the Month for May 2019. The next day, in Alexandria, Virginia, Mr. Breslow spent a lively music-filled hour with Roger Kronstedt, owner of the Alexandria Music Company, where he recognized the music store's unique contribution to the local community. You can learn more about Tea By Two at: https://www.teabytwo.com/. Information on the Alexandria Music Company can be accessed here: https://www.alexandriamusicco.com.
The summer-long celebration announced today is an extension of OnDeck's highly successful Small Business of the Month Award program, which is dedicated specifically to driving awareness of the small business owners and their personal business journeys. Since 2017, OnDeck has recognized the achievements of 19 different small business owners in the United States and Canada. To view the award-winning small businesses, click here: www.ondeck.com/smallbusinessspotlight
During his travels this summer, Mr. Breslow also plans to meet with local government officials and community leaders to emphasize the importance of online financing to small businesses in their districts. According to the 2019 Small Business Credit Survey of the Federal Reserve Banks, 64% of small businesses reported experiencing financial challenges in the last 12 months. Nearly 70% of the small business owners turned to their personal funds, instead of a loan, to address their financial challenges.
"It should be a national imperative to open up and expand access to financing for every creditworthy small business owner," said Mr. Breslow. "Applicants should not encounter long lines, endless paperwork and delays in decision-making when we have the proven technology to make those lending decisions within minutes and fund the small business owner the same day or faster. We can do better and we hope the Summer of Small Business campaign shines a spotlight on this important issue. "
Small businesses are the backbone of the U.S. economy. They account for more than 99% of all U.S. firms and employ over half of all workers. More than half of American businesses have fewer than five employees and nearly three-quarters have fewer than 10 employees. Small businesses, especially younger firms, are the main sources of new job creation for Americans. Since 1995, small businesses have created two out of every three net new jobs for the U.S economy. (1.)
OnDeck (NYSE: ONDK) is the proven leader in transparent and responsible online lending to small business. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners. The company also offers bank clients a comprehensive technology and services platform that facilitates online lending to small business customers through ODX, a wholly-owned subsidiary. OnDeck has provided over $11 billion in loans to customers in 700 different industries across the United States, Canada and Australia. The company has an A+ rating with the Better Business Bureau and is rated 5 stars by Trustpilot. For more information, visit www.ondeck.com.
(1.) U.S. Small Business Administration/ 2018 Small Business Profile.
SOURCE On Deck Capital, Inc.