OnDeck, an online lender to small businesses, is partnering with Celtic Bank, a Utah-chartered industrial bank, to serve small business owners seeking funding under the Small Business Administration’s Paycheck Protection Program. OnDeck also applied to the SBA to become a direct lender under the program.
“OnDeck recognizes that operating a small business during the COVID-19 outbreak comes with unprecedented challenges,” Noah Breslow, chairman and CEO of OnDeck, said. “We are proud to play a crucial role in the Paycheck Protection Program and will leverage our proven online lending platform and world class customer service team to process small business applications quickly and transparently. Small business owners are dealing with enough uncertainty, and we know their time is valuable. Accordingly, we plan to carefully scale our application intake to ensure an outstanding customer experience and avoid excessive wait times between approval and funding.”