Online SME lender OnDeck has announced a significant expansion of its product line for small businesses.
The expanded product suite includes broader loan terms—increasing the maximum loan amount from $250,000 to $500,000—and granting borrowers up to 36 months to repay (from 24 months). Lines of credit will be available up to $100,000 (from $20,000) for a monthly fee of $20 and no “draw fees.” Repeat customers will be eligible for annual rates as low as 5.99%, as well as loyalty pricing benefits.
Calling the new product line a “natural expansion,” OnDeck CEO Noah Breslow said the new options would give customers more ways to finance their growth. The combination of OnDeck’s “fifth-generation OnDeck Score,” its economies of scale, and its customer service, he said, meant the company was now able provide “credit solutions for virtually any small business financing need.”
From left: Ondeck’s Miranda Lanzillotti, marketing communications manager, and Pamela Rice, senior vice president of technology, discussed lending APIs at FinDEVr 2014.
One of the pioneers in alternative lending, OnDeck has used data aggregation and digital payment technology to provide small and medium businesses with capital since 2007. Since inception, the company has delivered more than $3 billion in funds to companies working in more than 700 industries. OnDeck provides its third-party partners with APIs that deliver fully integrated lending functionality that includes loan applications, preapprovals, and prequalifications.
Just this week, OnDeck announced it was expanding its partnership with the Association for Enterprise Opportunity. And last month, the company teamed up with Intuit to launch a $100 million lending fund for small businesses.
Fortune magazine listed OnDeck as one of the 100 Best Places to Work for Millennials. The company was highlighted among the top 25 alternative lending startups by Let’s Talk Payments, and ranked in the top 20 of Selling Power’s list of 2015 Best Companies to Sell For.
OnDeck presented at FinDEVr 2014 in San Francisco and returned this year to FinDEVr 2015. In 2012, OnDeck demonstrated OnDeck Connect at FinovateSpring 2012 in San Francisco. The company was founded in 2007 and is headquartered in New York City. OnDeck went public in December 2014, raising $200 million and earning a valuation of $1.3 billion.