Daily News: November 15, 2012

On Deck Experiences 50% Partner Surge Over Last Six Months


On Deck said that has experienced a 50% growth surge in distribution partners over the past six months. The company now has more than 1,500 distribution partners nationwide, which enables On Deck to reach millions of small businesses.

To support this partner growth, On Deck has opened regional offices in Atlanta, Sarasota, Chicago and Los Angeles. The company now counts over 140 employees, which has also resulted in plans for the company’s New York headquarters and Virginia operations center to move to larger spaces in 2013. Small businesses’ demand for financing continues to surge, yet banks still lack the infrastructure and technology to efficiently underwrite and deliver capital to the millions of Main Street businesses nationwide. On Deck’s technology platform can instantly identify creditworthy small businesses, and has become a growth engine for thousands of entrepreneurs. To date, the On Deck platform has delivered over $300 million to small businesses nationwide.

“There has never been a better time to become an On Deck partner. Our market-leading business loan products, innovative productivity tools, and constant focus on service has led to this rapid growth of our partner network, almost all of which has occurred through word of mouth,” said Noah Breslow, chief executive officer, On Deck. “Our partners recognize that we are on the forefront of leveraging technology to fundamentally change the way small businesses access capital.”

On Deck’s current partner network reaches more than one million Main Street businesses nationwide and includes banks, leasing companies, funding advisors, accountants, payroll firms, independent sales organizations and web-based businesses that offer small business tools and applications.

To read On Deck’s full news release, click here.