A new survey of more than 1,200 small business owners by OnDeck finds 37 percent of those surveyed expect the tax changes in the Federal Tax Cuts and Job Act to have a positive impact on their businesses.
Online lender OnDeck named All Clear Plumbing its Small Business of the Month for February 2019. The nine-person company is the first small business in the State of New Jersey to receive the OnDeck award.
Online small business lender OnDeck hired Chirs McCall as head of Acquisition Risk Management, Gregory Johnson as the senior vice president of Business Development and Matt Cluney as vice president of Brand and Product Marketing.
OnDeck announced fourth quarter 2018 net income of $14 million, an increase from $9.8 million from the previous quarter. The company’s full year 2018 net income of $27.7 million was significantly improved from its net loss of $11.5 million in 2017.
Small business online lender OnDeck closed an $85 million corporate revolving credit facility. SunTrust Bank and Silicon Valley Bank served as arrangers on the facility, while MB Financial Bank and Congressional Bank joined them as lenders.
OnDeck amended and restated its existing $119.7 million asset-backed revolving debt facility with SunTrust Bank as administrative agent and Wells Fargo as paying agent and collateral agent.
Online lender OnDeck entered into a definitive agreement to combine its Canadian lending operations with Evolocity Financial Group, a private, Montréal-based online small business lender.
PNC Bank plans to begin offering fully digital business lines of credit, up to $100,000, in 2019 in an expansion of its online lending to customers and prospects in the U.S. PNC is partnering with fintech lender OnDeck to develop the new platform.
OnDeck launched ODX, a new company that will focus on helping banks digitize their small business lending process. ODX will operate as a wholly-owned subsidiary of OnDeck with Brian Geary serving as president.