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Small Business & Financing Insights
Friday, June 6, 2008
New capital source on deck
Phoenix small businesses that can't secure a bank loan have a new financing option. New York-based On Deck Capital launched last month and is lending in 45 states, including Arizona.
The company offers loans of up to $100,000 based on the performance of the business, rather than on the personal credit history of the owner. Company officials said decisions are made within two business days, and funding is disbursed within seven days.
"Small businesses help our economy thrive and sustain our communities," said Mitch Jacobs, founder and CEO of On Deck. "Unfortunately, even when liquidity was widely available, access to capital and fair financing have been a challenge for most small-business owners, leaving many in a vulnerable state."
On Deck is targeting small businesses with annual revenue of less than $3 million. On Deck plans to establish lending operations in California, Nevada, North Dakota, South Dakota and Vermont.
The firm hopes to fill a void between bank loans and alternative business financing products such as merchant cash advances and payday loans, which charge high percentage rates for short-term capital.
In Phoenix, small businesses comprise more than 97 percent of all business, according to the U.S. Small Business Administration.
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