Author: Adam Aberback
Personal Credit Score is the Tyrant in Lending
This July, the NY Times had a great article titled “Credit Score is the Tyrant in Lending”. The piece was focused on credit score in relation to consumers getting mortgages, and many of the issues are exactly the same when it comes to getting a small business loan. Some of the quotes that hit home…
Customer Success Story – Market Fine Wine & Spirits
Sometimes the need for a small business loan is to renovate a store; sometimes it is for working capital, and sometimes as in the case of Market Fine Wine & Spirits, there was a need for an inventory loan. Dave Raspallo bought Market Fine Wine & Spirits in Johnston, Rhode Island three years ago. Since…
New Law Spurs Lending – But Not to Main Street
The Small Business Administration has announced that in the week since the Small Business Bill was signed by President Obama, 2,000 small businesses have received loans totalling more than $1 billion. While the increased lending is certainly good news, a quick review of the numbers hints at another problem. $1 Billion divided by 2,000 small…
The “Second Look Program” Addresses an Important Issue for Big Banks – Public Relations
An article on WSJ.com today discussed the second look program that large banks have put in place in order to approve more small business loans. From the public’s perspective, this is a positive initiative because it will mean more small business loan approvals. However, if you take a deeper look at what the program is,…
Business Week Article: On Deck Capital Targets Businesses Banks Won’t Touch
Yesterday, Business Week wrote an article about On Deck titled, “On Deck Capital Targets Businesses Banks Won’t Touch“. The piece discusses the credit crunch small businesses are experiencing and how On Deck’s system helps them find their funding options. In the article, On Deck’s CEO, Mitch Jacobs says, “The goal of On Deck is to…
Customer Story – Wilson’s Heating and Air Conditioning
Wilson’s Heating and Air Conditioning is one of On Deck’s customer success stories. Steve Wilson has been in the air conditioning business in Texas for over 20 years, growing his company from a one man shop to a business that now has 26 full time employees. In early 2010 Steve went to his bank for…
Customer Story – Brownsville Eye Center
Brownsville Eye Center was just over a year old, and doing well when Dr. Michael Foster decided he wanted to take his business to the next level. He put together a detailed marketing plan that included regular advertising in a local newspaper, listings in a local circular, and a promotion that ran on the back…
Recognizing Main Street Businesses through Twitter
Whether it’s a Bar in New York, a Gas Station in Wyoming, or a Body Shop in California, On Deck takes pride in putting money back on Main Street. To recognize these Main Street businesses we are dedicating our Twitter stream every Friday to companies that have received funding in the past week. We will…
Customer Story – Elaine’s Flowers and Gifts
Knowing who our customers are, how they use their loans, and what they experienced while looking for a loan is a very important part of how we learn and advance our business at On Deck. Because of this, we regularly reach out and ask them to share their stories and experiences with us. Some of…
Welcome to the On Deck Blog!
Since On Deck launched in 2006, we have provided over $80 million in capital to thousands of small businesses nationwide. Whether it is a Restaurant Owner that needed a new piece of equipment, a Florist that needed capital to launch a new marketing campaign, or a Dentist looking to expand his office, On Deck has…