There are a lot of options for small business owners looking for financing these days. And, more small business owners than ever are looking online—with online lenders providing an estimated $7.9 billion in small business loans last year. According to Morgan Stanley, that’s up 68 percent from 2014.
Traditional financing at the local bank is still a good option for many small business owners, but for those who need capital quickly, find that the longer terms typically associated with a traditional business loan from the bank just don’t make sense for a given need, and/or might not qualify at the bank, there are short-term financing options that make access to capital easier and more practical than ever before.
Marc Prosser of FitSmallBusiness.com, recently named OnDeck the “Best Short-Term Loan Provider for Small Business.” Here’s what he had to say:
“OnDeck is friendly toward a wide range of brick and mortar and online/e-commerce businesses, even ones that banks tend not to lend to, such as restaurants, nail salons, and auto-body shops.”
Not very long ago, other than the local bank, there weren’t many options when a business owner needed extra capital. There are more options today than ever before, including Ondeck, which has put over $3 billion into the hands of small business owners since we opened our doors in 2007. We may be a little biased, but helping small businesses grow and thrive is something we take very seriously, and it doesn’t hurt to occasionally get a little recognition from someone like FitSmallBusiness.