Source: Opus Bank
Opus Bank (“Opus”) (OPB) announced today that it has entered into a marketing and referral agreement with OnDeck (ONDK), the leader in online lending for small business, that will leverage Opus’ 58 retail banking office distribution located in major metro markets up and down the West Coast and OnDeck’s sophisticated credit and funding platform.
Entering into this arrangement allows Opus to offer a complete solution to those small businesses that are looking for financing up to $500,000, including a range of term loans and lines of credit powered by a streamlined application process and fast access to the funds.
Stephen H. Gordon, Founding Chairman, Chief Executive Officer, and President of Opus Bank, stated, “I am excited to have entered into this marketing and referral agreement with OnDeck. Opus offers an extensive suite of lending products through its Commercial Bank and, while we receive a significant amount of inquiry for small business loans through our Retail Bank, OnDeck has proven to be much more proficient in underwriting and funding these smaller loans. This partnership enables Opus to further leverage and scale its strong market presence by offering small balance financing solutions that it was otherwise not able to efficiently accommodate and, in doing so, generate additional revenues while not using Opus’ balance sheet or capital.”
Gordon concluded, “Since Opus’ inception, it has had an acute focus on providing tailored financial products, services, and solutions to those small and mid-sized commercial businesses, entrepreneurs, real estate investors, and professionals with a vision to expand and grow. Opus is now better positioned to provide faster access to capital to those businesses where the availability of small balance financing has an outsized impact on their ability to expand, create new jobs, and succeed. At Opus Bank, we understand that by providing capital financing to successful entrepreneurs and their businesses, we are enabling those businesses to flourish and, in turn, build healthy, vital, and vibrant communities from the ground up.”