Lender provides a streamlined application process and rapid delivery of funds for SME customers
OnDeck, a digital non-bank lender that specialises in providing financing to small businesses, has thrived since being bought out by members of its C-suite last year.
CEO Cameron Poolman, CFO Jerry Yohananov and COO Charlene Batson now own 58% of the company after buying shares from US-based Enova International.
Since then, the company has seen significant growth – loan originations were up 43% in the first six months since the buyout compared to the previous half-year.
Poolman recently chatted with MPA about OnDeck’s growth. He said the spike in originations reflected strong demand for rapid funding across the small business space.
“The bottom line is that OnDeck is giving more small businesses and our broker partners a streamlined application process and rapid delivery of funds, which can provide a critical edge in today’s competitive market,” he said. “We anticipate this will continue to drive further growth in OnDeck’s loan originations.”
One of OnDeck’s popular offerings is the Lightning Loan – a product that allows small businesses to access up to $150,000 within two hours with just six months of bank statements. That limit was raised from $100,000 after the buyout.
Poolman said the decision to lift the lending limit has contributed to the company’s growth.
“It reflects one of the many benefits of the [managed buyout], as OnDeck is now better able to tailor lending products to the needs of Australia’s small-business community,” Poolman said.
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He said that OnDeck received applications from across every industry, but especially retail, construction and hospitality.
“Clients are seeking finance for a variety of purposes, including growth opportunities, the purchase of new equipment that you can’t buy with equipment finance, trading stock, or just to take the day-to-day pressure off managing cash flow,” he said.
Poolman said OnDeck could help its customers access financing quickly and efficiently.
“Our team is fantastic to deal with, and Lightning Loans are proving very popular among small businesses for the ease of application and rapid access to funding,” he said.
