Financing For Your Small Business
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Posted on Thu, 01/19/2012 - 03:27 PM by
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 This is the first in a series of posts from our Underwriting Operations in Virginia. Tom McCammon, our esteemed underwriter, will be discussing all things On Deck.
Coming from a commercial lending background before landing at On Deck as an underwriter, I’m well aware of the hurdles and setbacks that often hobble small business owners when seeking capital for their business. Banks lean heavily of personal credit scores and financial statements that several months to over a year old, which may ignore positive, recent changes to business operations, and aren’t the most reliable indicators of business’ ability to repay their debts. Further, traditional bank lending is often cumbersome, duplicative, and moves as slow as molasses in January. This is what makes On Deck such a great development for small business lending. Using recent, pertinent financial data and our cutting edge business evaluation model, we can make smart, effective credit decisions in hours, not weeks, with funding in as little as 48 hours. Further, this efficiency and technical approach to risk management reduces our costs versus those of our competitors and allows us to pass those savings on to our customers. A universal maxim for production and productivity is often expressed as “Good, Fast, Cheap. Pick two.” Here at On Deck, we like to think we are changing the game by offering all three to our customers, and based on the feedback we get daily from our customers and business partners, we think we’re making great strides towards it. MORE NEWS FROM ONDECKCAPITALDay 1: On Deck Honors National Small Business WeekIn honor of National Small Business Week, we conducted a national campaign across our customer base to find out what people love most about owning their own business. We received so many wonderful entries and are excited to start sharing them with you. Main Street: Why Do You Love Being A Small Business Owner?We think every small business starts with a great story. That's why, in honor of National Small Business Week, we're asking Main Street business owners to tell us theirs. Photo Journal: Our Finovate DemoWe had a very successful 7 minutes at our Finvoate demo! Below are a few shots of the team during the presentation. On Deck @ Finovate - Live Demo Today!After months of preparation, we’re very excited to report today we will be conducting a live demonstration of our latest technology innovation at Finovate in San Francisco. Alongside the Association for Enterprise Opportunity (AEO), we’ll be showing a real-time example of how third parties and other organizations can now use our platform to efficiently and effectively lend to the small business market. Customer Success Story: DJ's Garage Door CompanyAfter 15 years in the garage door repair industry working for larger corporations, Donald Sepeda decided to strike out on his own. He was ready to take on more responsibility, increase efficiencies, and ultimately be his own boss. He launched DJ’s Garage Door Company three years ago in Bossier City, LA and quickly grew the company into a $1.5 million business. RELATED SMALL BUSINESS NEWSDon’t push when you can pullNo selling required There is a better way of winning new customers than pushing you and your B2B offer at them. Customers love it because they’re buying rather than being sold to. You’ll like it because it feels better than selling and you’ll get more long term business from it. U... You’re the Boss Blog: White House Opposes Small-Business Contracting Provision in Defense BillIn a statement, the administration called higher goals for small-business contracting "laudable but overly ambitious." ... How the 'Little Guy' Can Partner With Big CompaniesIf you're a little guy, there are plenty of ways to partner with a much larger company. Here are seven. ... "Scott Thompson Was A Terrible CEO" And Other Snippets From Fred WilsonAs always, Fred Wilson had a lot of insights share this morning at TechCrunch's Disrupt conference in New York. Here are some of the highlights from his talk with the always barbed Mike Arrington:... SRDC Is Offering Loans Through RLFSouthwest Regional Development Commission (SRDC) is offering loans through revolving loan fund (RLF). Its purpose is to have a direct financing tool making loan funds available so as to assist in retail, manufacturing, and distribution businesses. |
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If you’ve ever received a phone call from an On Deck loan processor, underwriter, customer service rep or loan closer, you’ve probably noticed the New York City area code, 212, but we’re in Virginia! Located just a few miles from downtown Washington, DC, in Arlington, is our Virginia operations center. Every loan that On Deck evaluates comes through our office. We love our jobs and take pride in the fact that we are an essential facet in connecting Main Street businesses with the capital they need to make their business a success.