NEW YORK, Dec. 28, 2017 /PRNewswire/
-- OnDeck® (NYSE: ONDK), the leader in online lending for
small business, announced today that a fund managed by an
investment advisor subsidiary of BlackRock has joined OnDeck's
platform of financing partners as another committed source of
capital to fund small business loan growth.
On December 15, 2017, OnDeck
introduced the BlackRock-managed fund as the Class B lender under
OnDeck's existing asset-backed, revolving credit facility with
SunTrust Bank. As a result, OnDeck increased the facility's
borrowing capacity to approximately $120
million. SunTrust Bank, the Class A lender under the
facility, will act as the administrative agent for both the Class A
and Class B lenders.
"We are delighted to welcome this new source of capital to
OnDeck's platform of financing partners which supports our
commitment to empowering the growth of small businesses,"
said Ron Elimelekh, Head of Capital Markets, OnDeck. "This
transaction demonstrates OnDeck's continued success in forging
important new relationships, diversifying funding sources, and
efficiently paving the way for future loan
growth."
About OnDeck
OnDeck (NYSE: ONDK) is the leader in online small
business lending. Since 2007, the Company has powered Main
Street's growth through advanced lending technology and a
constant dedication to customer service. OnDeck's proprietary
credit scoring system – the OnDeck Score® – leverages advanced
analytics, enabling OnDeck to make real-time lending decisions and
deliver capital to small businesses in as little as 24 hours.
OnDeck offers business owners a complete financing solution,
including the online lending industry's widest range of term loans
and lines of credit. To date, the Company has deployed over $8
billion to more than 80,000 customers in 700 different
industries across the United
States, Canada and Australia. OnDeck has an A+
rating with the Better Business Bureau.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the private Securities Litigation Reform
Act of 1995 and other legal authority. Forward-looking statements
include statements regarding, the availability of additional
funding capacity and OnDeck's liquidity outlook, which are
dependent upon compliance with the borrowing and other conditions
of the amended facility and other debt facilities and market
conditions and statements regarding OnDeck's business plans,
objectives and expected future loan growth, which are all subject
to material uncertainties including credit risks, pricing risks and
economic conditions. Forward-looking statements can also be
identified by words such as "will," "enables," "expects", "may,"
"allows," "continues," "believes," "intends," "anticipates,"
"estimates" or similar expressions. Forward-looking statements are
neither historical facts nor assurances of future performance. They
are based only on OnDeck's current beliefs, expectations and
assumptions regarding the future of its business, anticipated
events and trends, the economy and other future conditions.
Moreover, OnDeck does not assume responsibility for the accuracy
and completeness of forward-looking statements. As such, they are
subject to inherent uncertainties, changes in circumstances, known
and unknown risks and other factors that are difficult to predict
and in many cases outside OnDeck's control.
As a result, you should not rely on any forward-looking
statements. OnDeck's expected results may not be achieved, and
actual results may differ materially from OnDeck's expectations.
Important factors that could cause actual results to differ from
OnDeck's forward-looking statements are the risks that OnDeck may
not be able to manage its anticipated or actual growth effectively,
that its credit models do not adequately identify potential risks,
and other risks, including those under the heading "Risk Factors"
in OnDeck's Annual Report on Form 10-K for the year
ended December 31, 2016, its Quarterly Reports for the
quarters ended June 30 and
September 30, 2017 and in other
documents that OnDeck files with the Securities and Exchange
Commission, or SEC, from time to time
which are available on the SEC website
at www.sec.gov. OnDeck undertakes no obligation to publicly
update any forward-looking statements for any reason after the date
of this press release to conform these statements to actual results
or to changes in OnDeck's expectations, except as required by
law.
OnDeck, the OnDeck logo, OnDeck Score and
OnDeck Marketplace are trademarks of On Deck
Capital, Inc.
Investor Contact:
Scott
Reynolds
646.668.3551
sreynolds@ondeck.com
Media Contact:
Jim
Larkin
203-526-7457
jlarkin@ondeck.com
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SOURCE On Deck Capital, Inc.