OnDeck Expands into Canada
On Deck Capital expanded its small business lending services in Canada. It will now offer loans up to $150,000 (CAD) to Canada’s nearly 1.1 million small businesses. OnDeck chose Canada as the first country to lend to outside the United States, launching the company’s strategic initiative to meet the financing needs of small businesses in select international markets.
OnDeck small business loans in Canada now range from $5,000 to $150,000 (CAD) with 6 to 24 month terms, and are currently available in all provinces and territories other than Quebec.
“At OnDeck, we are only focused on small business lending. From very early on we have seen an enormous opportunity to help Canadian small businesses meet their growth and seasonal financing needs,” said Rob Young, SVP of international operations, OnDeck. “OnDeck launched here to make access to capital better and easier for Canadian small businesses and we are excited to expand our offering to further meet their needs.”
Since 2007, OnDeck has delivered more than $2 billion to American small businesses in more than 700 industries and has been lending in Canada since 2014.