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On Deck Capital Launches Financing Solution Connecting Millions of Small Businesses...
On Deck Capital Launches Financing Solution Connecting Millions of Small Businesses to Needed Capital Loan Platform Offers Assistance Amidst National Credit Crunch and Tougher Lending Environment NEW YORK, May 1 /PRNewswire/ -- On Deck Capital, the first-of-its kind financing solution for small businesses, announced today that it is open for business and lending in 45 states. The company has developed proprietary financial products and technology that improves upon standard credit models to offer performance-based loans to businesses that may not have access to traditional bank financing. On Deck Capital fills the void between bank loans and alternative business financing products such as merchant cash advances which, similar to payday loans, charge excessive percentage rates for short term capital. On Deck offers business loans up to $100,000 based on the performance of the business, rather than the personal credit history of the business owner. Through this innovative model, the company is opening the market to connect millions of small businesses with revenue under $3 million to institutions that want to lend to them. "Small businesses help our economy thrive and sustain our communities," said Mitch Jacobs, founder and chief executive officer, On Deck Capital. "Unfortunately, even when liquidity was widely available, access to capital and fair financing has been a challenge for most small business owners, leaving many in a vulnerable state. On Deck Capital is fundamentally changing the lending landscape, enabling millions of enterprises to maintain and grow their business." The launch of On Deck Capital addresses the historical challenges that small businesses have faced in obtaining fairly priced financing. This problem has been exacerbated by the current credit crunch, sub prime mortgage crisis and overall turbulent market conditions. Almost sixty-five percent of the approximately 8 million small businesses that seek capital every year do not qualify for traditional bank loans. As a result, many seek financing through family money or personal credit cards and approximately forty percent use personal and home equity lines of credit to finance their business. "On Deck Capital is one of the best small business solutions I've seen in years," said James D. Robinson III, former chairman and chief executive officer, American Express Company. "Now small business owners across the country who lack adequate access to traditional banks can obtain fairly priced capital to build their companies and pursue their dreams." Businesses that have been open for at least one year can learn more and apply online at http://www.ondeckcapital.com or by phone at 888.269.4246. In most cases, On Deck offers a decision within two business days and businesses receive funding within seven days. On Deck Capital has been in development for two years and recently closed $9 million in Series B Financing. The round was led by RRE Ventures and included participation from Series A investors Contour Ventures, First Round Capital, Khosla Ventures and Village Ventures. On Deck's board of directors includes experienced investors and financial services executives, including James D. Robinson III, the former chairman and CEO of American Express Company and currently a general partner at RRE Ventures. The company provides access to financing directly and through several major distribution partnerships which will be announced in the coming months. Additional information can be found at http://www.ondeckcapital.com. About Us On Deck Capital is an innovative financing network for small businesses that are unable to access traditional bank loans. On Deck Capital bridges the vast gap between bank loans and factoring products by providing small businesses with a viable financing option. Through the company's network, millions of small businesses are connected to the capital markets where they can obtain affordable loans up to $100,000 to meet their daily operating and long term goals. The company maintains a proprietary underwriting and loan processing platform that looks deeper into the health of small businesses, focusing on the overall business performance, not just the owner's personal credit history. On Deck Capital is well-financed by some of the nation's leading venture capital firms, including Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures. For more information, please visit: http://www.ondeckcapital.com. SOURCE On Deck Capital Jonathan Cutler of Verse Communications, +1-818-981-3023, email@example.com, for On Deck Capital