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CompanyProfi le
Speed funding for merchants
and Pacific time zones," said Breslow at the time of the
Denver opening.
Another milestone for OnDeck in 2013 was the completion
of Series D financing. Totaling $59 million, it was led
by Institutional Partners and Google Ventures, which
positioned the company to extend funding on a broader
scale. OnDeck was also named to Forbes' top 100 List of
ISO/MLS contact: Most Promising Companies in America.
Noah Breslow Feature comforts
Chief Executive Officer
917-677-7074 OnDeck routinely monitors the pulse of business through
nbreslow@ondeck.com its Main Street Pulse Report. The latest report indicated 73
www.ondeck.com percent of business owners felt the economy was improving
and wanted to grow their business; 84 percent of small
business loans were being used to fund expansion and
hen OnDeck Capital Inc. launched in facility upgrades, inventory and equipment purchases,
2007, its mission was twofold: to power and working capital. The top three challenges for small
small business loans across America and businesses cited were access to capital from traditional
W to make "capital on demand" a reality. lenders, growing sales and navigating taxes.
Since that time, OnDeck has deployed over $600 million
in funding to businesses in 700 industry sectors, both To better serve these pressing needs, OnDeck made several
directly and through a growing network of 1,500 part- enhancements to its funding program. "We increased our
ners, making on-demand capital a resource for scores of loan size to $250,000, up from $150,000," Breslow said. "We
Main Street businesses nationwide. also now issue Fund-by-Wire transfers for instant funding
four times daily."
"Our product is a true small-business loan – not a
merchant cash advance," said Noah Breslow, Chief For OnDeck, customer service represents a key
Executive Officer at OnDeck. "We report payback to the differentiator. "We appreciate that small business owners
credit agencies, which helps our small business customers aren't typical nine-to-fivers, which is why we make our
build their business credit." Loans range from $5,000 to application process simple, fast and transparent," Breslow
$250,000; terms are from three to 18 months. noted. "Business owners can apply anytime on our
website, receive a decision in minutes and get funding in
To expedite the funding process, OnDeck evaluates as fast as 24 hours."
each business through its platform, which leverages
data aggregation and electronic payment technology. With the addition of Saturday service, OnDeck now
According to the company, its proprietary credit models provides sales and operations support six days a week.
focus on business performance rather than relying on a "We extended customer service support, so we are
business owner's personal credit history to determine available Monday to Friday 8 a.m. to 8 p.m. EST, and
credit worthiness. And in most cases, it delivers funding Saturday 8:30 a.m. to 5:30 p.m. EST," Breslow added.
within 24 hours.
The company also prides itself on maintaining close ties
"Our ultimate objective is to reinvent the entire lending with its partners through the OnDeck Partner Program.
system to provide Main Street the capital they need and "We're in constant communication with our partner
a process that is more empowering than other lending base that had been telling us that manually submitting
offerings, such as banks and cash advance products," and tracking applications had become cumbersome and
Breslow said. time consuming," Breslow said. In response, OnDeck
developed a partner portal where partners can submit,
Underscoring how successful OnDeck has been at funding track and monitor applications, and process renewals –
the small business sector, a market typically underserved all in real-time.
by banks, the company expanded into larger headquarters
in New York City and opened a regional office in Denver. OnDeck has benefited from its meticulous attention to
"Having a western regional hub allows us to better reach detail: when asked, 93 percent of OnDeck customers said
and serve our surging customer demand in the Mountain they would recommend the company to a friend.
31
Speed funding for merchants
and Pacific time zones," said Breslow at the time of the
Denver opening.
Another milestone for OnDeck in 2013 was the completion
of Series D financing. Totaling $59 million, it was led
by Institutional Partners and Google Ventures, which
positioned the company to extend funding on a broader
scale. OnDeck was also named to Forbes' top 100 List of
ISO/MLS contact: Most Promising Companies in America.
Noah Breslow Feature comforts
Chief Executive Officer
917-677-7074 OnDeck routinely monitors the pulse of business through
nbreslow@ondeck.com its Main Street Pulse Report. The latest report indicated 73
www.ondeck.com percent of business owners felt the economy was improving
and wanted to grow their business; 84 percent of small
business loans were being used to fund expansion and
hen OnDeck Capital Inc. launched in facility upgrades, inventory and equipment purchases,
2007, its mission was twofold: to power and working capital. The top three challenges for small
small business loans across America and businesses cited were access to capital from traditional
W to make "capital on demand" a reality. lenders, growing sales and navigating taxes.
Since that time, OnDeck has deployed over $600 million
in funding to businesses in 700 industry sectors, both To better serve these pressing needs, OnDeck made several
directly and through a growing network of 1,500 part- enhancements to its funding program. "We increased our
ners, making on-demand capital a resource for scores of loan size to $250,000, up from $150,000," Breslow said. "We
Main Street businesses nationwide. also now issue Fund-by-Wire transfers for instant funding
four times daily."
"Our product is a true small-business loan – not a
merchant cash advance," said Noah Breslow, Chief For OnDeck, customer service represents a key
Executive Officer at OnDeck. "We report payback to the differentiator. "We appreciate that small business owners
credit agencies, which helps our small business customers aren't typical nine-to-fivers, which is why we make our
build their business credit." Loans range from $5,000 to application process simple, fast and transparent," Breslow
$250,000; terms are from three to 18 months. noted. "Business owners can apply anytime on our
website, receive a decision in minutes and get funding in
To expedite the funding process, OnDeck evaluates as fast as 24 hours."
each business through its platform, which leverages
data aggregation and electronic payment technology. With the addition of Saturday service, OnDeck now
According to the company, its proprietary credit models provides sales and operations support six days a week.
focus on business performance rather than relying on a "We extended customer service support, so we are
business owner's personal credit history to determine available Monday to Friday 8 a.m. to 8 p.m. EST, and
credit worthiness. And in most cases, it delivers funding Saturday 8:30 a.m. to 5:30 p.m. EST," Breslow added.
within 24 hours.
The company also prides itself on maintaining close ties
"Our ultimate objective is to reinvent the entire lending with its partners through the OnDeck Partner Program.
system to provide Main Street the capital they need and "We're in constant communication with our partner
a process that is more empowering than other lending base that had been telling us that manually submitting
offerings, such as banks and cash advance products," and tracking applications had become cumbersome and
Breslow said. time consuming," Breslow said. In response, OnDeck
developed a partner portal where partners can submit,
Underscoring how successful OnDeck has been at funding track and monitor applications, and process renewals –
the small business sector, a market typically underserved all in real-time.
by banks, the company expanded into larger headquarters
in New York City and opened a regional office in Denver. OnDeck has benefited from its meticulous attention to
"Having a western regional hub allows us to better reach detail: when asked, 93 percent of OnDeck customers said
and serve our surging customer demand in the Mountain they would recommend the company to a friend.
31
