Donald Coolidge, founder of Majestyk Apps, grows New York business by 50% percent after OnDeck loans
NEW YORK, January 8, 2018 – – OnDeck® (NYSE: ONDK), the leader in online lending to small business, today announced that digital agency Majestyk Apps, led by Marine Corps veteran Donald Coolidge, has been selected as the OnDeck Small Business of the Month for January 2018.
Coolidge founded Majestyk Apps in 2012 following more than 8 years in the Marines Corps Reserves, with time served in Africa and Iraq. Under his leadership, the New York City-based agency provides an incubator-like experience that helps established brands and entrepreneurs design, develop, and scale their businesses using new mobile, digital and artificial intelligence technologies.
The scale and capabilities of Majestyk Apps today were just a dream for Coolidge when he first launched the company. In the early days, Coolidge built and marketed small apps on a tiny budget to a few clients. As the company grew, he began adding services and engaging with larger brands. Soon Majestyk Apps reached a critical inflection point.
“We were growing fast and needed to take our business to the next level. We had bids in front of two major prospective clients and we needed to scale our resources quickly to meet their requirements,” says Coolidge. “We applied to various banks for financing, but were turned down because we were a young business without a credit history. We were however, profitable.”
Coolidge turned to OnDeck. He applied online for financing in 2014 and was quickly approved for $30,000 in capital. Coolidge had the necessary funds from OnDeck in his business account the next day.
“Thanks to OnDeck, we won the two bids and those large companies became clients. Majestyk Apps saw an immediate 50% growth in revenue over the year we worked with OnDeck and that has continued to accelerate,” says Coolidge. “Our headcount doubled as we took on more big name projects, largely because we now had the resources to invest in and win those deals. OnDeck was able to provide the necessary growth capital when banks and other lenders would not.”
Coolidge subsequently applied for and was approved for a second OnDeck loan in 2015 in the amount of $35,000.
Today, Majestyk Apps is one of the fastest-growing digital technology agencies in New York and Coolidge’s team has designed and launched products for several Fortune 500 companies. In 2015, the company’s Artificial Intelligence (AI) spinout, CogniToys, won a Time Magazine Best Invention of the Year and was tabbed as the “Best Use of A.I. in Education” by the coveted A.I. Awards. For more information on Majestyk Apps, visit their website at: http://majestykapps.com/
“In a world dominated by big, well known technology players, Donald used his Marine Corps background, technology expertise and fierce determination to help his business break through,” said Andrea Gellert, Chief Revenue Officer, OnDeck. “OnDeck is proud to have provided a military vet and business visionary like Donald with the capital needed to help turn his dream into a reality.”
The Small Business Spotlight series from OnDeck is designed to reinforce the vital importance of America’s small business owners. Every month, OnDeck spotlights the achievements of its small business customers and how they are thriving as a result of receiving capital from OnDeck. To learn more, visit http://www.ondeck.com/smallbusinessspotlight
Since its inception in 2007, OnDeck has provided more than $604 million in capital to small businesses in New York State. In New York City alone, the company has lent more than $278 million to small business owners. Overall, OnDeck is the leading online small business lender with more than $8 billion in capital provided to more than 80,000 customers in 700 different industries across the United States, Canada and Australia.
OnDeck (NYSE: ONDK) is the leader in online small business lending. Since 2007, the company has powered Main Street’s growth through advanced lending technology and a constant dedication to customer service. OnDeck’s proprietary credit scoring system – the OnDeck Score® – leverages advanced analytics, enabling OnDeck to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. OnDeck offers business owners a complete financing solution, including the online lending industry’s widest range of term loans and lines of credit. To date, the company has deployed over $8 billion to more than 80,000 customers in 700 different industries across the United States, Canada and Australia. For more information, please visit www.ondeck.com.