Thursday, June 19, 2008

On Deck Capital offers fair and fast financing to small businesses secured a $100 million debt facility

What Company Is Offering:

On Deck Capital offers fair and fast financing to small businesses that just miss the cut for traditional bank loans. Through the company's network, millions of small businesses can obtain affordable loans to meet their daily operating and long term goals. The company's proprietary underwriting and loan processing platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner's personal credit history. On Deck Capital is making financial history by enabling institutional funds to directly reach Main Street for the first time.

How Much They Got From VCs:

On Deck Capital ,the first-of-its kind financing solution for small businesses, announced that it is has forged a partnership with Silar Advisors to secure a $100 million debt facility. Through this agreement, On Deck is connecting Wall Street to Main Street -- delivering much needed capital to millions of America's small businesses that are unable to access traditional bank loans. Both parties announced that they anticipate increasing this debt facility as demand arises.

On Deck and Silar have created an innovative transparent lending arrangement designed to address many of the challenges that drove the current credit crisis. Through On Deck's proprietary technology, they gain unprecedented visibility into the day-to-day operations of a business and are able to consistently monitor their portfolio in a way that minimizes the lending risk and creates a new market opportunity for major financial institutions.

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