Nearly $1 billion in loans provided in four states to date by nation’s leading small business lender
NEW YORK, May 3, 2016 /PRNewswire/ — Small Business Week is underway with Small Business Administration (SBA) events scheduled for the week in Georgia, Colorado, Arizona and California and OnDeck® (NYSE:ONDK), the leader in online lending for small business, is recognizing the occasion by releasing new data highlighting the nearly $1 billion dollars the company has lent to small businesses in those four states.
From its inception through the end of the first quarter of fiscal year 2016, OnDeck has made nearly 20,000 loans to small business owners in Georgia, Colorado, Arizona and California totaling $913.7 million dollars. Overall, the company has deployed over $4 billion to more than 50,000 customers in 700 different industries across the United States, Canada and Australia.
“We join the SBA in recognizing the magnificent achievements of small businesses throughout the nation,” said James Hobson, chief operating officer, OnDeck. “America’s 28 million small businesses are the engine of job creation and economic growth in this country, creating nearly two out of every three new jobs in the United States and employing over half the nation’s workforce. As our lending activity in the four states that SBA administrator Maria Contreras-Sweet will visit during Small Business Week indicates, we are proud to lead the way in providing small businesses with the capital and credit they need to grow and thrive.”
OnDeck’s innovative technology-driven platform and OnDeck Score® have substantially increased the flow of capital to Main Street year-over-year, expanding growth opportunities for small business. An Analysis Group report published last year analyzed the economic impact from the first $3 billion OnDeck lent to small businesses. The report estimates that those loans powered $11 billion in business activity and created 74,000 jobs nationwide. Specifically, in the four states, OnDeck’s lending has generated an estimated $2.5 billion in economic activity and nearly 17,000 jobs.
One California small business that is thriving with OnDeck’s support is TransGuardian, a logistics software company based in Los Angeles, California. Jim Moseley is the President and CEO of the firm which develops innovative and customized solutions for the gem and jewelry, fashion, and other specialized vertical markets. Services include small parcel and freight services, transit insurance, credit insurance, security packaging and trade compliance.
“We have some very big brand names among our clients,” says Moseley. “OnDeck helped us to acquire their business by providing funds that enabled us to build customized, innovative software, to satisfy needs no one else was addressing. Without such financing solutions, we would never have been able to get their business. Thanks to OnDeck, we’re saving these clients 30-50% over the old ways of working, and we increased our bottom line by 15% in 2015.”
National Small Business Week is an annual event organized by SBA to recognize the achievements of the top small businesses in the nation. Since 1963, the president of the United States has issued a proclamation calling for the celebration of National Small Business Week. This year National Small Business Week will be recognized from May 1-7 with national events planned in Washington, D.C., New York, Denver, Phoenix, Oakland and San Jose. Events throughout the week will be live-streamed on SBA’s website www.sba.gov. Make sure to check in during the event for live social media engagement, using the hashtag #DreamSmallBiz. For more information on the national events please visit: www.sba.gov/nsbw.
OnDeck (NYSE: ONDK) is the leader in online small business lending. Since 2007, the company has powered Main Street’s growth through advanced lending technology and a constant dedication to customer service. OnDeck’s proprietary credit scoring system – the OnDeck Score® – leverages advanced analytics, enabling OnDeck to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. OnDeck offers business owners a complete financing solution, including the online lending industry’s widest range of term loans and lines of credit. To date, the company has deployed over $4 billion to more than 50,000 customers in 700 different industries across the United States, Canada and Australia. OnDeck has an A+ rating with the Better Business Bureau and operates the educational small business financing website www.businessloans.com. For more information, please visit www.ondeck.com.
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