In 2007, On Deck introduced the first ever small business loan with direct daily repayments. This unique payment option revolutionized repayment for small business owners by turning the traditional month-end payment by check into a hassle-free, automatic daily withdrawal from the business checking account. For On Deck, this payment system allows us greater visibility into the health of the businesses we work with, allowing us to deliver capital to a more small businesses than ever before. And for our customers, it offers a simple and predictable way to repay their loans.
On the heels of our 5 year anniversary and over $275 million delivered in capital, we’re excited to announce our small business customers have made over 1 million daily payments through the On Deck platform. This milestone signifies our commitment to changing the way small businesses access capital. We look forward to many millions more to come!