On Deck , the technology platform that connects Main Street businesses directly to capital announced it has delivered more than $150,000,000 to thousands of restaurants, retailers and other service providers nationwide.
Previously, small business lending in the United States has relied primarily on the personal credit score, preventing millions of healthy Main Street businesses from accessing the capital they need to hire new employees, operate and expand. On Deck has successfully removed the personal credit score by using technology to create a highly efficient and cost effective way to identify credit-worthy Main Street businesses.
“We launched On Deck to fundamentally change the way Main Street businesses access capital,” said Brad Kime, president, On Deck. “The On Deck platform has now delivered more than $150 million to this critical segment of the economy, and we look forward to delivering more capital to millions of Main Street businesses that need it to grow.”
Through the On Deck platform, thousands of healthy Main Street businesses that historically were denied capital due to their personal credit score have now been able to purchase equipment, launch marketing campaigns, and most importantly hire employees. Of the $150M On Deck has delivered, Main Street retailers and restaurants have each received more than $30M; automotive and healthcare practices have seen over $15M each; and millions more has been delivered to businesses ranging from salons and spas to dry cleaners and small manufacturers.
On Deck’s platform is a proven system that evaluates the creditworthiness of small businesses based on factors reflecting the true health of a business – rather than the traditional benchmark of the personal credit score – including cash flow and business credit data. The typical On Deck customer is a “Main Street” business (retailer, restaurant, salon, dentist, florist, etc.) that has been in business more than one year and has revenue between $300,000 and $3,000,000.
To learn more about On Deck, please visit www.ondeckcapital.com.