Since 2007 we’ve delivered over $2 billion to businesses all across the United States in more than 700 industries and have been lending in Canada since 2014. Today we’re announcing that OnDeck will now be offering loans up to $150,000 (CAD) to the approximately 1.1 million small businesses in Canada.
Small business is the lifeblood of the economy—in both countries. Many small businesses rely on borrowed capital to help them fuel growth and fund working capital. According to Statistics Canada, every year 41 percent of Canadian small businesses seek capital to grow their businesses, purchase equipment, and manage cash flow, but less than half actually get it.
Because small business is such an important part of the economy, we’re helping Canadian business owners get the financing they need to build strong companies and help local communities thrive. Canadian small business owners now have access to small business loans from $5,000 to $150,000 (CAD) with six- to 24-month terms, application decisions in a matter of days, and available in all Canadian provinces with the exception of Quebec.
What does that mean for the OnDeck blog? We’ll be adding information about how financing and credit work in Canada—when there’s a difference—in addition to advice on running a successful business that business owners in both the U.S. and Canada can relate to.
To our Canadian neighbors, let me welcome you to the OnDeck blog. I hope you enjoy our straightforward approach to useful content for small business owners.