TORONTO, July 18, 2018 /CNW/ -- OnDeck® (NYSE:ONDK),
the leader in online lending for small business, announced today
the closing of a CAD50 million
asset-backed revolving credit facility with Crédit Agricole to
finance OnDeck Canada's loan originations.
The new facility is the first for OnDeck Canada and provides the
business with access to CAD25 million
of committed capacity and an additional CAD25 million of capacity available at the
discretion of the lenders. Since entering the Canadian online small
business lending market in 2014, OnDeck has provided more than
CAD180 million in financing to small
businesses in Canada.
"OnDeck has a global mission focused on scaling our
international operations towards market leadership while
responsibly serving small business owners with efficient, online
access to financing," said Rob
Young, Senior Vice President, OnDeck International.
"Today's announcement marks another milestone in our ability to
deliver on that mission across Canada."
Under the asset-backed facility, loans will be made to a
wholly-owned subsidiary of OnDeck Canada, which will purchase small
business loans from OnDeck Canada. This revolving pool of small
business loans will serve as collateral under the facility. OnDeck
Canada will act as the servicer for these loans.
"Securing a dedicated facility that provides committed funding
to support OnDeck Canada's loan growth marks another milestone for
OnDeck." said Ron Elimelekh, Head of Capital Markets, OnDeck.
"Today's transaction commits even more funds to support Canadian
businesses and help them achieve their goals. We are pleased
to have Crédit Agricole, a leading global financial institution,
support OnDeck Canada in our mission."
Small businesses are crucial to the Canadian economy. As
of December 2015, there were over
1.16 million small and medium sized businesses in Canada, accounting for 99.7 percent of
Canadian employer businesses. (1) Small businesses
contribute on average 30 percent to the GDP of Canada.(1) OnDeck financing
solutions in Canada leverage
advanced technology and analytics to enable OnDeck to make
real-time lending decisions and deliver financing to small
businesses in as little as 24 hours.
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 customers in 700
different industries across the United
States, Canada and
Australia. OnDeck has an A+ rating
with the Better Business Bureau and is rated 5 stars by Trustpilot.
For more information, please visit www.ondeck.com.
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 can be identified by words such as
"proposed," "will," "enables," "expects," "allows," "continues,"
"believes," "anticipates," "estimates" or similar expressions.
These include statements regarding possible future loan growth as a
result of entering into the new facilities or otherwise.
Forward-looking statements are neither historical facts nor
assurances of future performance. They are based only on our
current beliefs, expectations and assumptions regarding the future
of our business, anticipated events and trends, the economy and
other future conditions. As such, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and in many cases outside our control.
Therefore, you should not rely on any of these forward-looking
statements. Our expected results may not be achieved, and
actual results may differ materially from our expectations. Factors
that could cause or contribute to actual results differing from our
forward-looking statements include risks relating to: our ability
to meet borrowing conditions and remain in compliance with all the
provisions of the new facilities; changes in the financial markets,
including changes in credit markets and interest rates; adverse
developments regarding OnDeck, its business or the online or
broader marketplace lending industry generally; and other risks,
including those described in our Annual Report on Form 10-K for the
year ended December 31, 2017 and in
other documents that we file with the Securities and Exchange
Commission from time to time which are or will be available on
the Commission's website at www.sec.gov. Except as required by law,
we undertake no duty to update the information in this press
release.
(1) According to Statistics Canada
Investor Contact:
Stephen Klimas
(646) 668-3582
sklimas@ondeck.com
Media Contact:
Jim Larkin
(203) 526-7457
jlarkin@ondeck.com
OnDeck, the OnDeck logo, OnDeck Score and OnDeck
Marketplace are trademarks of On Deck Capital, Inc.
SOURCE On Deck Capital, Inc.