Wednesday, June 22, 2011 by On Deck
Wall Street Journal contributing journalist Scott Shane penned an article last week that rang true to On Deck’s mission. Entitled “To Create More Jobs, Go Where the Jobs Are,” Shane spoke to the importance of helping established, smaller companies grow through increasing this segment’s access to capital. According to the Small Business Administration’s Office of Advocacy, a staggering 79% of new jobs stem from the expansion of existing businesses.
Most of the businesses that access capital through the On Deck platform are using it to grow their business – a business expansion, a new piece of equipment, new employees to handle increased demand or a marketing campaign to drive more business. With over $130M delivered to Main Street to date, On Deck has directly helped thousands of retailers, restaurants, auto repair shops and other local service businesses grow. The jobs created by the Millions of Main Street businesses cannot be underestimated, and every small business on Main Street has the potential to grow far beyond what they are today – Starbucks was once a small Seattle coffee retailer but today employes over 100,000 people.