NEW YORK, September 30, 2015/PRNewswire/ — OnDeck® (NYSE: ONDK), a leading platform for small business lending, today submitted a response to the U.S. Treasury Department’s Request for Information (RFI) on Expanding Access to Credit through Online Marketplace Lending.
“OnDeck is 100% focused on small business and increasing Main Street’s access to capital,” said Noah Breslow, chief executive officer, OnDeck. “We greatly appreciate the Treasury Department’s interest in learning more about how our lending and technology innovation are helping Main Street grow and thrive, and look forward to serving as a resource for policymakers to help facilitate the responsible growth of our sector.”
OnDeck has provided more than $3 billion to American small businesses to date, and the company’s response highlights the value of its products and services to small business and to the overall economy. In a third-party study commissioned last year, the company’s first $1 billion in loans delivered more than $3 billion in economic impact and over 22,000 jobs to the US Economy.
OnDeck’s full response is available on its website at the following address: www.OnDeck.com/treasury.
OnDeck (NYSE: ONDK), a leading platform for small business loans, is committed to increasing Main Street’s access to capital. OnDeck uses advanced lending technology and analytics to assess creditworthiness based on actual operating performance and not solely on personal credit. The OnDeck Score®, the company’s proprietary small business credit scoring system, evaluates thousands of data points to deliver a credit decision rapidly and accurately. Small businesses can apply for a line of credit or term loan online in minutes, get a decision immediately and receive funds in as fast as the same day. OnDeck also partners with small business service providers, enabling them to connect their customers to OnDeck financing. OnDeck’s diversified loan funding strategy enables the company to fund small business loans from various credit facilities, securitization and the OnDeck Marketplace®, a platform that enables institutional investors to purchase small business loans originated by OnDeck.
Since 2007, OnDeck has deployed more than $3 billion to more than 700 different industries in all 50 U.S. states, and also makes small business loans in 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. On December 17, 2014, OnDeck started trading on the New York Stock Exchange under the ticker ONDK.
For more information, please visit www.ondeck.com and follow OnDeck on Twitter @OnDeckCapital.
Kathryn Harmon Miller