Instant Funding, Seamless Customer Transactions Fintech Lenders Transform Small Business Lending

In the past decade, growth in financial technology has spawned a new generation of online lenders. These lenders use the latest technology to underwrite and finance small business loans. Customers can apply online and receive funding in 24 hours in some cases. ABF Journal Editor Nadine Bonner speaks with executives from three fintech companies that specialize in small business loans.

Ares Agents ABL Revolver Upsize for OnDeck Asset Funding

OnDeck Funding, a subsidiary of OnDeck Capital, amended its existing ABL revolver to increase its lenders’ commitment from $100 million to $150 million. Ares Agent Services served as administrative agent.

OnDeck COO Hobson Resigns

OnDeck Capital COO James Hobson has resigned from the online lender to pursue another opportunity.

Pacific Western Increases OnDeck Capital Facility to $30MM

Online lender OnDeck Capital increased its revolving debt facility with Pacific Western Bank from $20 million to $30 million.

OnDeck Reports Q3 Loss as Provision Charges Rise 126% Year/Year

Small business lender OnDeck announced a Q3/16 net loss of $16.6 million compared to net income of $3.7 million a year earlier. The company noted its provision for loan losses charge of $36.6 million was up 126% from $16.2 million a year earlier.

WSJ: Inside JPMorgan’s Deal with OnDeck Capital

The Wall Street Journal provided insights into why JPMorgan will start using online lender OnDeck Capital to help make loans to some of the bank’s four million small-business customers.

OnDeck Expands into Canada

On Deck Capital expanded its small business lending services into Canada.

OnDeck to Team with Angie’s List

Angie’s List announced plans to team with OnDeck Capital to offer financing to its service providers.