OnDeck (ONDK), the leader in online lending for small business, today announced a major expansion of its product suite.
The company now offers the online lending industry's widest range of term loans and lines of credit, designed to meet the vast and varied financing needs of small businesses.
Small business owners need financing at every stage of their business' lifecycle, whether to take advantage of short-term growth opportunities like buying inventory, make longer-term investments like major equipment purchases, or manage working capital. OnDeck's expanded credit solutions are designed to scale with a business as it matures as well as provide rapid access to capital at competitive rates and with outstanding service.
Key features of the new product set include:
Expanded term loan range: $5,000 - $500,000 with 3-36 month terms (up from $5,000 - $250,000 with 3-24 month terms)
Increased line of credit range: Up to $100,000 (up from $20,000) with a low $20 monthly fee and no draw fees
Lower rates for select customers: Annual interest rates as low as 5.99% and loyalty pricing benefits for repeat customers
"Small businesses are the lifeblood of our economy and at OnDeck we are constantly striving to better serve the full spectrum of their varying capital needs," said Noah Breslow, chief executive officer, OnDeck. "This natural expansion lets businesses seek longer terms and larger loans from OnDeck, and provides our existing and prospective customers with more options to finance their growth. Through the power of our fifth-generation OnDeck Score, our economies of scale, and our unmatched customer service, OnDeck now offers credit solutions for virtually any small business financing need."
Since 2007, OnDeck has harnessed its proprietary technology, including the OnDeck Score®, to assess the health and outlook of a business in real-time and deliver streamlined capital access to the largely underserved small business community. As a result, the company has delivered more than $3 billion to small businesses to date. This latest product expansion will provide business owners with ongoing resources and support to grow their businesses with confidence and allows OnDeck to serve an even greater customer base, including larger and more established businesses.
"I received $250,000 from OnDeck to help with the associated construction expenses of my new veterinary practice," said Deborah Perzak, DVM, owner of Woodruff Road Animal Hospital in Simpsonville, South Carolina and recent OnDeck customer. "The two year term and weekly repayment drafts have allowed me to better control cash flow and ease stress. I greatly appreciate all that OnDeck has offered and the fact that the entire process was handled professionally and went very smoothly."
Beyond the enhanced product suite, all OnDeck customers are given access to OnDeck Advantage, the company's benefit program which includes pricing benefits for repeat customers, business credit reporting and credit education tools, dedicated loan advisors, comprehensive small business resources from OnDeck and special access to SCORE, the nation's largest network of free expert business mentors.
"Small business owners need a lender they can trust and grow with, so they can focus on what's most important to them - their own customers. We're delighted to lead the market in helping such an important community thrive," said Breslow.