NEW YORK, April 14, 2020 /PRNewswire/ -- OnDeck®
(NYSE: ONDK), the leader in online lending to small business, today
announced it has been approved by the U.S. Small Business
Administration (SBA) to provide Paycheck Protection Program
loans.
"OnDeck's mission has always been to promote the growth and
success of underserved small businesses by providing fast and
transparent online access to capital. We are now leveraging those
capabilities to assist small business owners seeking loans under
the Paycheck Protection Program," said Noah
Breslow, Chairman and CEO of OnDeck. "As the Federal Reserve
recently highlighted, established online lenders, like OnDeck,
serve a broader, more diverse cross-section of American small
businesses than traditional banks. We appreciate the SBA and
Treasury Department including OnDeck as a direct lender in this
crucial program and recognizing our unique ability to assist
underserved businesses."
The Paycheck Protection Program was established by Congress and
is being implemented by the U.S. Treasury Department and the SBA.
It provides low-interest loans, with a possibility for loan
forgiveness, to small businesses impacted by the COVID-19
outbreak. The Paycheck Protection Program provides a direct
incentive for small businesses to keep their workers on payroll
during the current crisis.
While OnDeck was approved to lend under the Paycheck Protection
Program today, the company awaits further guidance and clarity from
the SBA on how loan applications will be submitted from non-bank
lenders.
As announced earlier this week, OnDeck has already begun
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.
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.
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SOURCE On Deck Capital, Inc.