Proven Technology Company Receives Mayor As It Announces $62M Deployed to Tri-State Area Businesses and 100% Loan Volume Increase in New York City(New York, NY) March 28, 2013 – On Deck (www.ondeck.com), the technology-powered Main Street lender, announced today that New York City Mayor Michael Bloomberg officially ‘opened the doors’ to the company’s new NYC headquarters with an inaugural press conference this morning. On Deck is experiencing rapid growth and has increased employee count by 100% over the past year. On Deck’s new office space is approximately 22,000 square feet, more than double the size of the previous New York office.
Mayor Bloomberg’s speech underscored On Deck’s contribution to the booming New York City technology industry – both in terms of innovation and job growth. The company launched in Manhattan six years ago, and has since experienced 117% compound annual revenue growth. Through its innovative lending platform, On Deck has delivered more than $400 million to thousands of Main Street businesses nationwide. This includes over $14 million to New York City businesses (across all 5 boroughs); over $37 million to New York State based businesses; and over $62 million across the tri-state area comprising New York, New Jersey, and Connecticut.
“Our success can be attributed to a number of factors, including the incredible talent pool New York has afforded us,” stated Noah Breslow, chief executive officer, On Deck. “We were thrilled Mayor Bloomberg took the time to recognize our contribution to technology innovation and its application to solving the challenges of small business owners seeking capital.”
“What’s unique about On Deck is the way they’ve used technology to make it easier than ever for small businesses to access the capital they need to grow and thrive,” said Mayor Michael R. Bloomberg. “On Deck’s tech-savvy model has been great for small businesses, and we’re glad they are choosing to grow here in New York City. The city’s growing tech sector is creating more and more good jobs every day – and we’re doing everything we can to help accelerate that growth.”
Continuing in the tradition of Colorado: Let’s Grow Together – a contest that celebrated the launch of On Deck’s Denver regional office by awarding $10,000 to a local Colorado business – On Deck is proud to announce New York City: Let’s Grow Together. New York City-based small business owners may apply through On Deck’s Facebook page by explaining how an extra $10,000 would help their business grow. One New York City-based small business owner will be awarded $10,000; second place will receive $5,000; and the third place will receive a counseling session from a member of the On Deck management team.
On Deck has developed a transformative solution to America’s small business lending challenges. Using innovative proprietary technology, On Deck is able to identify creditworthy small businesses where traditional lenders cannot. The On Deck platform provides the infrastructure needed to evaluate businesses based on electronic performance data rather than relying solely on the business owner’s personal credit score.
On Deck now counts more than 175 employees, spanning several offices nationwide. On Deck recently added a western regional office in Denver to its existing regional offices in Atlanta, Sarasota, Chicago and Los Angeles. Later this year the company also plans to move its Arlington, VA office into a larger space.
The company’s New York headquarters is now located at 1400 Broadway. On Deck is currently hiring for a range of positions in software engineering, data analytics, sales, and marketing. Interested candidates can visit On Deck’s careers page.
About On Deck
Launched in 2007, On Deck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses and efficiently deliver capital to a market underserved by banks. Through the On Deck platform, millions of small businesses can obtain affordable loans with a fraction of the time and effort that it takes through traditional channels. The company’s proprietary credit models look deeper into the health of businesses, focusing on overall business performance, rather than the owner’s personal credit history. The On Deck system also provides a critically needed mechanism for financial institutions and other business service providers to efficiently reach the Main Street small business market.
OnDeck has deployed over $700 million in capital to tens of thousands of businesses across 700 different industries. The company is growing at greater than 100 percent annually, and was recently named to Forbes’ 100 Most Promising Companies in America list, the Inc. 500/5000 for a second year in a row, and the Crain’s New York Business Fast50. The company also has earned an A+ rating with the Better Business Bureau. OnDeck is financed by some of the nation’s leading venture capital firms, including Google Ventures, SAP Ventures, RRE Ventures and Institutional Venture Partners.
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