(New York, NY) November 15, 2012 – On Deck (www.ondeck.com), the technology-powered Main Street lender, announced today that continued, strong demand for their innovative small business financing solution has resulted in a fifty percent growth surge in distribution partners over the past six months. The company now boasts more than 1,500 distribution partners nationwide, which enables On Deck to reach millions of small businesses.
To support this partner growth, On Deck has opened regional offices in Atlanta, Sarasota, Chicago, and Los Angeles. The company now counts over 140 employees, which has also resulted in plans for the company’s New York headquarters and Virginia operations center to move to larger spaces in 2013. Small businesses’ demand for financing continues to surge, yet banks still lack the infrastructure and technology to efficiently underwrite and deliver capital to the millions of Main Street businesses nationwide. On Deck’s innovative technology platform can instantly identify creditworthy small businesses, and has become a growth engine for thousands of entrepreneurs. To date, the On Deck platform has delivered over $300 Million to small businesses nationwide.
“There has never been a better time to become an On Deck partner. Our market-leading business loan products, innovative productivity tools, and constant focus on service has led to this rapid growth of our partner network, almost all of which has occurred through word of mouth.” said Noah Breslow, chief executive officer, On Deck. “Our partners recognize that we are on the forefront of leveraging technology to fundamentally change the way small businesses access capital.”
On Deck’s current partner network reaches more than 1,000,000 Main Street businesses nationwide and includes banks, leasing companies, funding advisors, accountants, payroll firms, independent sales organizations and web-based businesses that offer small business tools and applications.
On Deck partners can use the On Deck lending platform to earn commissions and serve their customers in two ways: through the On Deck Partner Portal and through the On Deck API. The industry-leading On Deck Partner Portal is a powerful online CRM platform where partners can submit, track and monitor loans and applications in real time. The On Deck API allows partners to seamlessly integrate On Deck’s powerful credit decision and application process into their own web service or CRM. All partners in the On Deck partners also receive dedicated sales support, customized training and webinars, online revenue management tools as well as turnkey marketing programs designed to maximize partner success.
On Deck’s innovative technology platform is a transformative solution to America’s small business lending challenges. The On Deck system provides the infrastructure needed to evaluate businesses based on electronic performance data rather than relying solely on the business owner’s personal credit score. The typical On Deck customer is a “Main Street” business (retailer, restaurant, salon, dentist, florist, etc.) that has been in business more than one year and has revenue between $100,000 and $4,000,000.
To learn more about On Deck, please visit www.ondeck.com. Potential partners interested in joining On Deck’s partner program are encouraged to contact On Deck for additional information. The company can be reached via phone at 888-433-9345 or by email at partners@ondeck.com.
About On Deck
Launched in 2007, On Deck Capital uses data aggregation and electronic payment technology to evaluate the financial health of small businesses and to efficiently deliver capital to a market 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 system also provides a critically needed mechanism for commercial institutions to efficiently reach and serve the historically underserved Main Street small businesses market.
On Deck Capital is financed by some of the nation’s leading venture capital firms, including SAP Ventures, Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures.