April 27, 2010
Today, CEO Mitch Jacobs spoke at the Milken Institute Global Conference 2010 discussing the technology and infrastructure challenges that’s preventing over 5 million Main Street small business access to capital. Despite available funds and pressure from Washington, these businesses are still unable to obtain small loans of less than $100K for their ongoing operations.
Jacobs presented new data sources and servicing technologies that could be used to propel this small business challenge forward and called for leaders and decision makers to invest in lending infrastructure and technology that will enable capital to flow to Main Street.
“Today, new sources of data and technology can allow banks to safely and soundly enter the Main Street small business market and be more active than ever before,” stated Jacobs. “Without this capital, businesses and jobs will deteriorate or shrink.”
Jacobs was joined on a discussion panel following his remarks by Chris Reilly, President CIT Small Business Lending Corporation, Ginger Lew, White House National Economic Council Senior Advisor, Rafael Pastor, Chairman and CEO Vistage International and Brian Reynolds, Chatham Capital’s Founder and Managing Partner.
About On Deck
Launched in 2006, the On Deck Capital system uses data aggregation and electronic payment technology to offer fair and fast financing to small businesses underserved by traditional bank loans. Through the On Deck Capital platform, millions of small businesses can obtain affordable loans to meet their daily operating and long term goals. The company’s proprietary platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner’s personal credit history. The On Deck Capital system also provides a critically needed efficient mechanism for institutional funds to directly reach historically fragmented and difficult to serve Main Street small businesses.