On Tuesday, Online lender to SMEs, OnDeck (NYSE:ONDK) announced it was expanding lending Canada’s small businesses by including a line of credit up to CAD$50,000 and loan term up to CAD$250,000 to help meet the growing needs of the country’s 1.1 million small businesses.
In its recent press release, OnDeck stated Canadian small businesses that have annual revenue of at least $100,000 and have been in business for at least one year may apply for a line of credit from OnDeck from CAD$10,000 to CAD$50,000. The lender explained the new line of credit offers eligible Canadian small businesses access to capital when they need it, whether they need to manage cash flow or be prepared for unexpected opportunities. The credit may be drawn upon at any time and has all the benefits of a credit card but can be used for expenses where a card won’t work, such as making payroll.
Gary Fearnall, country manager at OnDeck Canada, stated:
“Small business owners need financing at every stage of their business’ lifecycle, whether to take advantage of growth opportunities like buying inventory, investing in major equipment purchases, or managing cash flow. The new OnDeck Line of Credit – along with the expanded Term Loan – will provide Canada’s small businesses the growth capital they need in as little as 24 hours. That type of speed and service is exactly what small businesses need to grow in today’s economy.”
Tom Collver, co-owner pb+j and customer of OnDeck, added:
“We were amazed at how quickly and smoothly the loan application process at OnDeck went for us. Thanks to financing from OnDeck, we were able to hire new employees and boost our marketing efforts, ultimately doubling our revenue. They have been true partners in helping us grow our business and we are now on our third round of financing with OnDeck.”