3 Small Businesses Each Receive $10,000 Prize from OnDeck and Guidance from Barbara Corcoran
NEW YORK, Dec. 17, 2015 /PRNewswire/ — OnDeck® (NYSE: ONDK), the leader in online lending for small business, today announced the three winners of its Barbara Corcoran Seal of Approval Contest. Owners of the winning small businesses, chosen from almost 600 submissions, will meet with Barbara to formulate a game plan for their businesses on Thursday, December 17th at OnDeck’s headquarters in New York City.
The winners are:
- BodyworksBallTM, an award-winning muscle recovery tool to help alleviate aches, pain, knots and stress, based in Brick, New Jersey. Owner and founder BJ Dowlen was wiped out by SuperStorm Sandy and will be using the prize money and guidance to reach more “big box” retailers and to establish #Take2AndRenew recovery stations using the BodyworksBallTM at major airport lounges, hotels, train stations, supermarkets and rest stops.
- The Gents Place, a barbershop chain with a modern twist. This business provides traditional male grooming services like haircuts, shaves and shoe shines in a 21st century setting with free Wi-Fi. Based in Dallas, TX, owner and founder Ben Davis employs 50 local residents and is looking to franchise his business across the country.
- The Sugar Path, a sibling-run bakery described as a “dessert boutique” based in Geneva, IL. Sisters Nina Cater and Michelle Adams left their full-time jobs in corporate America to start the bakery four years ago. The two are looking to move into online sales with new ready-to-eat cakes and pies.
“I offer my heartfelt congratulations to the winners, who represent the millions of Americans who are the backbone of our economy,” said Barbara Corcoran. “Behind each of these small businesses is a tale of grit, determination and perseverance. I’m looking forward to spending time with these entrepreneurs to help them design a growth strategy to invest the $10,000 prize from OnDeck.”
Small businesses today have two main challenges to overcome. The first is access to capital. According to the Federal Reserve Bank, business owners spend on average 33 hours searching and applying for credit from traditional sources – with no guarantee of approval. The second biggest challenge is acquiring new customers. OnDeck, which has loaned more than $3 billion dollars to more than 45,000 small businesses, designed the contest and teamed up with Barbara Corcoran to help solve both of these challenges for three deserving businesses.
To enter the contest, business owners had to explain how they would use the $10,000 prize and guidance from Corcoran to grow their businesses. Judges for the contest included Corcoran, OnDeck CEO Noah Breslow and David Bobbitt, the President of the SCORE Foundation, a non-profit organization comprised of 11,000 business executives who volunteer to provide free and confidential advice.
OnDeck (NYSE: ONDK), the leader in online lending for small business, is committed to powering Main Street’s growth through lending and technology innovation. Using advanced technology, analytics and the OnDeck Score® – the company’s proprietary small business credit scoring system – OnDeck makes real-time lending decisions based on thousands of data points and a business’ individual needs. By combining its proven credit platform with outstanding customer service, OnDeck offers small businesses a complete financing solution, including a range of term loans and lines of credit as well as a streamlined process that respects a small business owner’s time.
Since 2007, OnDeck has deployed more than $3 billion to more than 700 different industries in all 50 U.S. states and Canada. The company has an A+ rating with the Better Business Bureau and operates the website BusinessLoans.com which provides credit education and information about small business financing. OnDeck is a publicly traded company on the New York Stock Exchange. For more information, please visit www.ondeck.com.