OnDeck (ONDK), the leader in online lending for small business, announced today an expansion of its offerings for small business in Canada to include a line of credit up to CAD$50,000 and an expanded term loan up to CAD$250,000 to help meet the growing needs of the country's 1.1 million small businesses.
New OnDeck Line of Credit: CAD$10,000 to CAD$50,000 in flexible cash
Beginning immediately, Canadian small businesses that have annual revenue of at least CAD$100,000 and have been in business for at least one year can apply for a line of credit from OnDeck from CAD$10,000 to CAD$50,000.
OnDeck's new line of credit offers eligible Canadian small businesses access to capital when they need it, whether to manage cash flow or to be prepared for unexpected opportunities. The line of credit can be drawn upon at any time and has all the benefits of a credit card but can be used for expenses where a card won't work, such as making payroll.
Expanded Term Loan: CAD$5,000 to CAD$250,000 (up from CAD$150,000) over 6 to 24 months
OnDeck's term loans enable eligible Canadian small businesses to access capital from CAD$5,000 to CAD$250,000 (up from CAD$150,000) with loan repayment terms of 6 to 24 months.
Since OnDeck entered Canada in 2014, the company has delivered more than CAD$50 million in financing to Canadian small businesses.
"Small business owners need financing at every stage of their business' lifecycle, whether to take advantage of growth opportunities like buying inventory, investing in major equipment purchases, or managing cash flow," said Gary Fearnall, country manager, OnDeck Canada. "The new OnDeck Line of Credit – along with the expanded Term Loan – will provide Canada's small businesses the growth capital they need in as little as 24 hours. That type of speed and service is exactly what small businesses need to grow in today's economy."
Tom Collver and Kyle Dutka are the owners of pb+j, an integrated digital and design agency, based in Toronto, Ontario. When Tom and Kyle went looking for additional capital to grow their business faster through new hires and marketing initiatives, they chose an OnDeck term loan.
"We were amazed at how quickly and smoothly the loan application process at OnDeck went for us," said Tom Collver, co-owner pb+j. "Thanks to financing from OnDeck, we were able to hire new employees and boost our marketing efforts, ultimately doubling our revenue. They have been true partners in helping us grow our business and we are now on our third round of financing with OnDeck."
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 $4 billion to small businesses in the United States, Canada and Australia.