OnDeck, the online small business lender, announced it would provide equipment financing loans to select SMBs next year.
"With more than 10 years of success and more than $ 10 billion in online small business financing, we believe OnDeck is poised to revolutionize how small businesses finance their hardware needs," said Nah Brislow, chairman of OnDeck, in a press release. "We anticipate that OnDeck equipment finance loans will quickly become a vital source of online finance for small business owners seeking simple, transparent financing for devices they can understand and use."
In the summer of 2018, the company launched a pilot program to refer small businesses looking for equipment financing to a third party established and provides loans. Starting next year, OnDeck will provide loans to finance its own equipment, ranging from $ 5,000 to $ 100,000, with terms anywhere from 24 to 60 months.
Just last month, the company disclosed that its third-quarter results had significantly increased the volume of loans over the past two years and sequentially, and expected total revenues for the year to reach $ 392 million, to $ 396 million, up from $ 380 million To $ 386 million. This compares with street estimates of $ 384 million.
In addition to the launch of equipment loans, OnDeck also announced that Mark Erickson will be Vice President of Equipment Financing. Erickson, a veteran of the equipment finance market, has worked in executive roles in sales, operations, joint loans and risk at Key Equipment Finance, Inc. , And was the Managing Director of the company's subsidiary in Australia and New Zealand from 2000 to 2004.
Ericsson said: "I look forward to working with the team to take advantage of OnDeck's online origin and subscription technology in order to provide speed and convenience to small business owners seeking equipment financing loans." "With speed, service and transparency, we are ready to turn this market in favor of small businesses."