OnDeck Joins Visa's Small Business Hub

Rhea-AI Summary

OnDeck (NYSE: ONDK) announced a collaboration with Visa to support small businesses through the Visa Small Business Hub. This partnership enables OnDeck to offer financing opportunities to small businesses impacted by COVID-19. The Hub provides essential tools and resources, enhancing OnDeck's ability to make rapid lending decisions. Utilizing Visa Direct for real-time payments, OnDeck aims to expedite loan funding. Founded in 2006, OnDeck has loaned over $13 billion across various industries in the U.S., Canada, and Australia, showcasing its commitment to small business growth.

Positive

• Collaboration with Visa enhances OnDeck's financing opportunities for small businesses.
• Integration with Visa Direct allows real-time funding, improving loan access.
• OnDeck has provided over $13 billion in loans, demonstrating robust market presence.

Negative

• None.

NEW YORK, Sept. 9, 2020 /PRNewswire/ -- OnDeck® (NYSE: ONDK), a leader in online small business lending, today announced a collaboration with Visa to support businesses through Visa's Small Business Hub. OnDeck joins a small group of lenders to offer financing opportunities through the Hub.

The Visa Small Business Hub is designed to give small businesses the tools and resources they need to build stronger, more digitally enabled businesses, which is needed more than ever with the impact of COVID-19. In joining this effort, OnDeck will offer a dedicated resource page on the Hub to help small businesses understand how OnDeck is able to support and power their growth and success. OnDeck's proprietary lending technology enables the company to make lending decisions in hours, not weeks. With OnDeck's speed in decisioning, enhanced further by Visa Direct, Visa's real-time¹ push payments platform, OnDeck can quickly fund completed loans and provide small businesses with the access to financing they need, when they need it.

"We are honored to collaborate with Visa on the Small Business Hub," said Tim Schuermer, Vice President of Business Development, OnDeck. "OnDeck and Visa share a commitment to building stronger, more resilient small businesses. As our nation seeks to recover from the pandemic, the commitment and mission to support small business is more important than ever before. OnDeck is joining the Hub at a critical time for millions of small businesses who are looking for reliable and transparent information, resources, tools, and financing to make critical decisions. We look forward to building this joint initiative with Visa to support and assist businesses as they start, recover, grow and expand."

The Visa Small Business Hub offers a centralized access point for businesses to review a broad range of tools, solutions, special partner offers and actionable tips to support businesses through COVID and beyond. For more information on the Small Business Hub visit: www.visa.com/smallbusinesshub

For more information on OnDeck's dedicated resource page on the Small Business Hub visit: https://usa.visa.com/run-your-business/small-business-tools/partners/ondeck.html

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.

Media Contact:
Patrick Cuff
OnDeck
pcuff@ondeck.com 
P: (708) 846-7827

Investor Contact:
Stephen Klimas
OnDeck
sklimas@ondeck.com
P: (646) 668-3582

OnDeck, the OnDeck logo, OnDeck Score, ODX and OnDeck Marketplace are trademarks of On Deck Capital, Inc.

¹ Actual fund availability depends on receiving financial institution and region.

 

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SOURCE On Deck Capital, Inc.

FAQ

What is the collaboration between OnDeck and Visa about?

OnDeck has partnered with Visa to support small businesses through the Visa Small Business Hub, offering financing opportunities and resources.

When was the collaboration between OnDeck and Visa announced?

The collaboration was announced on September 9, 2020.

What is the stock symbol for OnDeck?

OnDeck's stock symbol is ONDK.

How much has OnDeck loaned to small businesses?

OnDeck has loaned over $13 billion to small businesses across various industries.

What benefits does the Visa Small Business Hub provide?

The Visa Small Business Hub offers tools and resources to help small businesses grow, particularly during the COVID-19 pandemic.