Daily News: May 7, 2014

BBVA Compass, OnDeck Partner for Small Business Loans

BBVA Compass is teaming with tech-powered lender OnDeck to give Main Street a boost, using the company’s innovative technology and business scoring system to offer loans to more small businesses.

The OnDeck Score analyzes thousands of data points โ€” from cash flow to public records to social data โ€” to assess the health of a small business. The bank will use the OnDeck Score and exclusive technology to provide qualifying business clients with loans up to $250,000, 6- to 24-month payment terms, and funding in as fast as one business day.

“We’re singularly focused on providing small-business owners the help they need to move their businesses forward,” said Lonnie Hayes, small business segment director for BBVA Compass. “OnDeck’s unique ability to quickly and accurately evaluate a business’s performance will allow us to help more entrepreneurs secure the financing they need, when they need it.”

BBVA is a customer-centric global financial services group founded in 1857. BBVA Compass is a Sunbelt-based financial institution that operates 684 branches, including 352 in Texas, 89 in Alabama, 78 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico.

Launched in 2007, OnDeck uses data aggregation and electronic payment technology to evaluate the financial health of small- and medium-sized businesses and efficiently deliver capital to a market underserved by banks. Since its inception, OnDeck has delivered more than $1 billion in financing to small businesses nationwide.