OnDeck Scores $93 Million in Two Credit Facilities
Summary
Online small business lender OnDeck closed a pair of revolving credit facilities this week. “Securing cost-effective facilities that provide committed funding to support the loan growth of our international businesses reflects another step forward in the execution of our financing strategy,” said Ken Brause, Chief Financial Officer at OnDeck. “These two transactions provide additional capacity to support small businesses in Australia and Canada and help them to achieve their goals.” OnDeck will use the Credit Suisse facility to refinance its loan book at a lower rate and to fund future small business loan originations. The funds are expected to promote small business growth in Australia and Canada by burgeoning the amount of working capital available. Since launch, the company has deployed $8+ billion to customers in 700 different industries across the United States, Canada, and Australia.