OnDeck has now lent more than $415 million online to New Jersey small business owners
NEW YORK, February 26, 2019 – OnDeck (NYSE: ONDK), the leader in online lending to small businesses, today announced All Clear Plumbing of Hainesport, New Jersey as its Small Business of the Month for February 2019. The nine-person company is the first small business in the State of New Jersey to receive the OnDeck award.
All Clear Plumbing got its start in January of 2001, when Lou Tropeano, a 20-year veteran of the plumbing industry decided to strike out on his own. Lou’s initial goal for his new business was to provide quality plumbing services to local residents and commercial businesses in Burlington and Camden counties in New Jersey.
“After a slow start, business took off. The key for me was advertising in the Yellow Pages section of the phone book,” says Lou. “Back when I started the business, everyone used the Yellow Pages to find contractors like me. My ad was a good one and soon my phone was ringing off the hook.”
Lou and the team of licensed professionals at All Clear Plumbing gained a reputation for doing whatever it takes to get the job done right. That commitment to exemplary customer service helped build lasting relationships with both residential and commercial accounts. As the company grew, Lou added heating and air conditioning services (HVAC) as service options for customers.
All Clear’s HVAC experts brought the same focus and problem solving skills that Lou did to his first plumbing job back in 2001. Once they identify a customer’s HVAC problem, they create a comprehensive plan to tackle and make the repairs quickly and efficiently. All Clear customers are kept informed through the entire process, and when the job is complete, Lou and his team conduct safety and quality checks to ensure everything is working correctly.
With business good, Lou kept advertising in the Yellow Pages. “Everyone ended up moving to internet advertising, so I fell behind when the Yellow Pages began to fade away,” says Lou. “Customers were looking online for the services I offered, but I wasn’t yet advertising online where they could discover me.”
Soon, Lou was finding it harder and harder to find customers, leading to financial difficulties and even thoughts of closing the business. He was determined however to explore online options to help his business. Intrigued by talk of online small business lending, Lou went searching on the Web for a reputable lender that could provide quick capital with a simple application process. He found www.OnDeck.com
Lou was surprised at how easy the online application process for an OnDeck loan was. Once approved for financing, Lou used the capital to pay off business debts and invest in online marketing. He hired a web developer to create a website for All Clear Plumbing and increased his online advertising presence. Clearly seeing the return on his loan from OnDeck, Lou subsequently applied for and was approved for additional financing that was invested in new technology, including Trenchless Technology, a unique pulling equipment device that enables users to fix sewer line bursts without large-scale digging on homeowner’s lawns and driveways. He also invested in video snake equipment and an excavating tractor for use on heavy duty jobs.
“Business is doing great now,” said Lou. “I feel lucky that I found OnDeck. They have been a terrific financing partner. I now employ a crew of nine, and two of them have been with me for 18 years.”
“OnDeck is proud to have played a small role in helping Lou Tropeano realize his small business dreams, said Andrea Gellert. “All Clear Plumbing is an example of a business lifted up by the grit and determination of Lou and his expert team of plumbers and HVAC technicians. And we shouldn’t forget that Lou’s business success also uplifts the communities of New Jersey that All Clear serves every day.”
To date, OnDeck has provided more than $415 million in financing online to small business owners in the State of New Jersey. The online lender has also been a key financing source for the Plumbing and HVAC industries, lending more than $15 million online to our nation’s plumbers, heating and air conditioning contractors.
Lou Tropeano has more than 35 years of experience in the Plumbing industry. He is licensed by the New Jersey State Board of Examiners of Master Plumbers and the State Board of Examiners of Heating, Ventilating, Air Conditioning and Refrigeration. To learn more about All Clear Plumbing, visit: www.allclearplumbingnj.com.
The Small Business Spotlight series from OnDeck is designed to highlight and reinforce the vital importance of small businesses. Every month, OnDeck spotlights the achievements of its small business customers and how they are thriving as a result of receiving capital from OnDeck. To learn more about Lou Tropeano’s small business journey, visit: www.ondeck.com/smallbusinessspotlight
OnDeck (NYSE: ONDK) is the proven leader in transparent and responsible online lending to small business. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners. The company also offers bank clients a comprehensive technology and services platform that facilitates online lending to small business customers through ODX, a wholly-owned subsidiary. OnDeck has provided over $10 billion in loans to customers in 700 different industries across the United States, Canada and Australia. The company has an A+ rating with the Better Business Bureau and is rated 5 stars by Trustpilot. For more information, visit www.ondeck.com.
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