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New kind of online lending service expands to Canada

Last Updated Apr 28, 2015 at 7:28 pm PST

Summary

OnDeck hopes to make it faster and more convenient for owners to access the money they need

40 per cent of small businesses are looking for credit at any one time to invest in their company

VANCOUVER (NEWS1130) – Tax season can often be a difficult time when it comes to cash flow for small businesses.

A new kind of online lending service is expanding to Canada and hopes to make it faster and more convenient for owners to access the money they need.

Senior VP of OnDeck Rob Young says bank loans are not very suitable for owners in a crunch. “Business are finding the process to acquire credit and working capital and access to capital is just very long, drawn out with traditional lenders. The bank is just not geared up to be able to make a loan to that type of business.”

“Small business are looking for capital all the time we know in Canada 40 per cent of them are looking for credit at any one time to invest in their business and less than 50 per cent according to Statistics Canada are actually getting it.”

He adds the company provides on demand credit in a faster, more convenient way for owners who are often juggling many different financial responsibilities.

HD: An online loan company for small businesses is expanding to Canada, hoping to make it easier for owners to access extra cash.