Today at the Electronic Transaction Association (ETA) Annual Meeting & Expo in Las Vegas, On Deck announced the launch of Split Funding, a new loan repayment method designed to meet the needs of Main Street business owners. This new option retains all of the benefits of a true business loan but has the flexibility of a variable payment option, aligning payback for those with seasonal or varying sales.
On Deck president Brad Kime explains: “In the past, people who wanted variable payments were forced to go with a more expensive cash advance product that was not a true loan and lacked the benefits of credit reporting. As On Deck continues to evolve and best meet the specific needs of our customers, we now offer Split Funding as an option for small businesses that prefer their loan payments deducted from credit card sales.”
We’re excited about this new option for business owners, and look forward to continuing to find innovative ways to serve Main Street!