OnDeck Canada announced last week it has formed a new partnership with Canadian credit union, Coast Capital Savings, to accelerate online lending to Coast Capital small business members.
According to OnDeck Canada, Coast Capital Savings small business members may now apply for term loan financing from OnDeck of up to $250,000 online, in branch or through the Coast Capital Contact Centre and receive approval and funding in as little as one day. The agreement is aimed at bridging a gap in small business credit in Canada by addressing the urgent needs of Canada’s small business sector for faster short-term financing.
“The partnership with OnDeck Canada will help Coast Capital as they expand nationally, positioning the credit union as a leader in small business banking with a best-in-class suite of products and services. OnDeck Canada is part of OnDeck Capital, Inc., (ONDK), the world’s leading online small business lender. OnDeck pioneered the use of data analytics and digital technology to make real-time lending decisions, delivering funds rapidly to small businesses online. Since inception, OnDeck Canada has originated over CAD $440 million in funding to small businesses in Canada.”
While sharing more details about the partnership, Derek Turner, Head of Small Business at Coast Capital Savings, stated:
“By partnering with OnDeck Canada, Coast Capital is now able to offer a seamless member experience that is both fast and incredibly easy. As a purpose-driven and member-owned federal credit union, we are in a unique position to help small business members improve their financial well-being. Today’s announcement is an integral part of our always expanding offerings for our existing and future small business members that will see new and innovative products and services brought to market to serve this very important segment.”
Turner went on to add:
“As the financial services industry evolves to respond to increasingly sophisticated customer needs, financial institutions are increasingly partnering with experienced technology providers to help bridge the gap for customers. With Coast Capital’s expansion beyond provincial borders, partnerships with technology-forward organizations, like OnDeck Canada, will continue to play an increasingly important role in the credit union’s ability to deliver the Coast Capital experience that so many members already enjoy, to even more people across Canada.”