OnDeck Capital is a company that makes loans to small businesses. Traditionally small businesses have gotten funding in a few straightforward ways. One is self-funding from the savings and bank accounts of owners and their friends and families. The second is with loans fro the government, the Small Business Adminsitration (SBA) to be specific. And the last is from the local bank. But there have always been real limitations to these source of funding. With self-funding the limit is obvious - the typical person has very limited resources to call on even when friends and family are factored in. The challenge with the SBA are strict rules about qualifying for the loans and a lengthy timetable - both of which can limit their usefulness in many cases. And finally, banks have become much ore rigid and gun-shy in their requirements for loans since the recent set of fiscal crises. Once these options are exhausted, where else can a business turn?
OnDeck Capital is the oldest and largest of aRead More »from OnDeck Capital raises funding to expand its small business lending programs