OnDeck Surpasses $1 Billion in Small Business Financing in New York State, Including Nearly $500 Million in New York City
NEW YORK, N.Y., September 23, 2020 – OnDeck® (NYSE: ONDK), a leader in online small business lending, today announced it has surpassed $1 billion in financing to small businesses across the State of New York. Small businesses are the lifeblood of the American economy and have an enormous impact and influence on the communities in which they reside. This significant milestone demonstrates OnDeck’s commitment to supporting thousands of small businesses statewide over the past 14 years.
As a New York City (NYC)-headquartered company, OnDeck makes this announcement in partnership with the New York City’s Economic Development Corporation’s (EDC) week All In NYC Campaign. According to All In NYC, this campaign is designed to remind the world of the immutable spirit of New Yorkers and small business owners. During the two-week campaign, partners are highlighting how significant NYC small businesses are to the wellbeing of the city.
Since 2007, OnDeck has lent nearly $500 million to businesses in NYC. NYC has an abundance of small businesses that support, improve, innovate, and benefit the lives of New Yorkers daily. Now, more than ever, OnDeck remains committed to assisting these small businesses by providing them with the access, choice, and transparency in securing the financing they need to navigate the pandemic and the re-opening of the economy.
“I’m thrilled that OnDeck has been able to support so many New York-based small businesses over the past 14 years and that nearly half of that lending has gone to small businesses located in New York City, where we are headquartered,” said Noah Breslow, CEO and Chairman, OnDeck. “We’re proud to be a New York born and bred company and to be able to serve the small businesses that represent the unique and vibrant identity of NYC make it a great place to live and work.”
As NYC and New York State look to recover and re-open from the global pandemic, serving and supporting small business owners has never been more important. We’ve supported New York businesses for over a decade and will continue to advocate for small businesses in New York and around the nation.
A fundamental part of OnDeck’s advocacy for small businesses has been supporting legislation that advances transparency in small business lending disclosures. OnDeck is proud to have partnered with the NY State Senate and General Assembly to promote and pass SB5470, legislation that requires any online lender doing business in the State of New York to present small business borrowers with a clear, concise disclosure of the key terms and conditions of their loan. New York has some of the best and most resilient businesses in the world, and we believe this legislation ensures that New York small businesses receive clear and transparent terms from their lenders.
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 $13 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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