NEW YORK, April 13, 2020 /PRNewswire/ -- OnDeck®
(NYSE: ONDK), the leader in online lending to small business, today
announced it is partnering with a top SBA lender to serve small
business owners seeking funding under the Small Business
Administration's (SBA) Paycheck Protection Program (PPP).
"OnDeck recognizes that operating a small business during the
COVID-19 outbreak comes with unprecedented challenges," said
Noah Breslow, Chairman and CEO,
OnDeck. "We are proud to play a crucial role in the Paycheck
Protection Program and will leverage our proven online lending
platform and world class customer service team to process small
business applications quickly and transparently. Small business
owners are dealing with enough uncertainty, and we know their time
is valuable. Accordingly, we plan to carefully scale our
application intake to ensure an outstanding customer experience and
avoid excessive wait times between approval and funding."
The Paycheck Protection Program was established by Congress and
is being implemented by the U.S. Treasury Department and the SBA.
The PPP provides low-interest loans, with a possibility for loan
forgiveness, to small businesses impacted by the COVID-19
outbreak. The program provides a direct incentive for small
businesses to keep their workers on payroll during the current
crisis.
Under the Paycheck Protection Program, OnDeck will be processing
and servicing loans on behalf of Celtic Bank, a Utah-Chartered
Industrial bank, Member FDIC, and one of the nation's top ten SBA
lenders. On April 9, 2020, OnDeck
also applied to the SBA to become a direct lender under the
Paycheck Protection Program.
About OnDeck
OnDeck (NYSE: ONDK) is the proven
leader in transparent and responsible online lending to small
business. Founded in 2006, the company pioneered the use of
data analytics and digital technology to make real-time lending
decisions and deliver capital rapidly to small businesses
online. Today, OnDeck offers a wide range of term loans and
lines of credit customized for the needs of small business
owners. The company also offers bank clients a comprehensive
technology and services platform that facilitates online lending to
small business customers through ODX, a wholly owned subsidiary.
OnDeck has provided over $13 billion
in loans to customers in 700 different industries across
the United States, Canada and Australia. The company has an A+ rating with
the Better Business Bureau and is rated 5 stars by Trustpilot. For
more information, visit www.ondeck.com.
OnDeck, the OnDeck logo,
OnDeck Score, OnDeck Marketplace,
and ODX are trademarks of On Deck Capital, Inc. or
its subsidiaries.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/ondeck-begins-processing-applications-for-sba-paycheck-protection-program-301039598.html
SOURCE On Deck Capital, Inc.