Daily News: January 2, 2018

OnDeck Adds BlackRock Fund to Platform

A fund managed by an investment advisor subsidiary of BlackRock joined OnDeck‘s platform of financing partners as another committed source of capital to fund small business loan growth.

On December 15, 2017, OnDeck introduced the BlackRock-managed fund as the Class B lender under OnDeck’s existing asset-backed, revolving credit facility with SunTrust Bank. As a result, OnDeck increased the facility’s borrowing capacity to approximately $120 million. SunTrust Bank, the Class A lender under the facility, will act as the administrative agent for both the Class A and Class B lenders.

“We are delighted to welcome this new source of capital to OnDeck’s platform of financing partners which supports our commitment to empowering the growth of small businesses,” said Ron Elimelekh, head of Capital Markets for OnDeck. “This transaction demonstrates OnDeck’s continued success in forging important new relationships, diversifying funding sources, and efficiently paving the way for future loan growth.”