Daily News: March 29, 2012

On Deck Reaches 1,000 Distribution Partners Milestone

On Deck, a technology platform that connects Main Street directly to capital, announced a key growth milestone. The company has reached 1,000 distribution partners that work directly with small businesses to connect them to financing and provide key insights and guidance on how to best secure capital for their operational needs.

The surge in On Deck’s partner network is a direct result of its innovative solution to identifying creditworthy small businesses and providing them with financing to help grow their businesses, the company said.

Over the past year, On Deck’s distribution network has experienced strong growth among small business service providers such as accountants, payroll firms and web-based businesses offering small business tools and applications. These partners are helping to connect the millions of local small businesses that are the engine of the U.S. economy to the financing they need to grow. Combined, these partners reach more than one million Main Street businesses nationwide, the company said.

Many of these partners are leveraging On Deck’s API to connect seamlessly to the On Deck financing platform. To bring increased efficiency to the small business lending process, these partners are incorporating On Deck’s loan origination and credit scoring functionality into their own software applications. Launched in January, the API is enabling a new category of partners to efficiently deliver financing to their customers, On Deck said.

“As we continue to improve the way small businesses access capital, strengthening our already robust partner network is key,” said Brad Kime, president, On Deck. “Reaching 1,000 distribution partnerships underscores the strong demand from Main Street for On Deck’s products and services. Financing this sector is triggering job creation and helping with the country’s continued economic recovery.”

All On Deck partners gain access to the On Deck Partner Portal, an online platform where partners can submit, track and monitor loans and applications in real time. On Deck’s partner program also includes dedicated account management, customized training and webinars, online revenue management tools as well as turnkey marketing programs designed to maximize partner success.

“As a company that works daily with thousands of small business customers, I understand the challenges they face obtaining capital to grow and sustain their business,” said Andy Aziz, executive vice president, True Payroll Integration. “Working with On Deck provides our company with an efficient way to deliver a proven and in-demand financing solution to creditworthy businesses nationwide.”