Online lender to SMEs, OnDeck (NYSE:ONDK), announced on Tuesday it is expanding its Accountant Advisor Program after hiring of new accountant relationship managers in three locations: Louisville, Kentucky, Miami, Florida and Mobile, Alabama.
According to OnDeck, the Accountant Advisor Program is a state-of-the-art referral platform helping accounting financial professionals access capital. Key benefits of the program are the following:
- Products designed for needs: Loans up to $500,000 with 3-36 month terms and lines of credit up to $100,000
- Competitive pricing: Annual interest rates as low as 5.99% for select customers
- Convenient and quick processing: Simple application, decisions in minutes and funding in as fast as 1 business day
- Customer Service: Available six days a week; A+ Better Business Bureau rating
The lender revealed that the new hires will be joining its growing national accountant team who work directly with CPAs and the accounting community to bring value to their clients’ small businesses through its platform’s financing solutions.
Frank Orofino, director of the OnDeck Accountant Advisor Program, stated:
“The new OnDeck Accountant Relationship Managers will enable us to provide the accounting community in the Southeast with attractive financing options for their clients. CPAs and accountants provide an invaluable service to the community. We aim to help them unlock valuable lending insights when it matters most, and bring unprecedented levels of relevancy and timeliness to their client engagements.”
Meanwhile, OnDeck recently revealed its 2016’s first quarter results. The lender explained that its shares took a bit of a beating after hours following the earnings release as the numbers missed analyst expectations.
OnDeck stated it saw a lower approval and conversation rate on loan originations. The company said it was being prudent with regards to credit quality and acquisition. It also said there has been some challenges in securitization similar to other online lending platforms. For the three months ending in March, OnDeck saw originations grow by 37% year over year to $570 million. Gross revenue and net revenue grew by 11% year over year as well.