How they describe themselves: On Deck uses data aggregation and electronic payment technology to evaluate the financial health of small businesses and to efficiently deliver capital to a market underserved by traditional bank loans. Through the On Deck platform, millions of small businesses can obtain affordable loans to meet their daily operating and long-term goals. The company’s proprietary platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner’s personal credit history. The platform also provides a critically needed mechanism for commercial institutions to efficiently reach and serve the historically underserved Main Street market.
How they describe their product/innovation: On Deck’s technology is now available to third parties who want to leverage their own capital to reach small businesses. Third parties can connect their capital to the On Deck Platform to underwrite and service small business loans. Our technology will also harness small businesses’ digital information – such as online banking and cash flow information – in order to calibrate an appropriate loan amount. With our technology, these organizations will be able to vastly increase the number of small businesses they are able to service, while significantly decreasing the time required of small business owners to obtain capital.