The efficiency and growth of small and medium enterprises (SMEs) is a big concern everywhere in the world and developing nations are more concerned about this. There is a reason because SMEs play a vital role in every nation’s economy by their large contribution directly and by supporting big industries for their requirements of inputs. SMEs have big problem of funding. These enterprises don’t have enough funds to meet gigantic input demands of big industries that hampers their growth. Their loan applications take either too long to get processed or sometimes rejected by the banks and financial institutions for inadequate security. SMEs need to approach private money lenders and pay high rates of interest, but their terms may not always be easy.
OnDeck is financing solution for SMEs
Developed nations have good infrastructure to facilitate the growth of SMEs, but procedural requirements of banks in funding these industries are a hurdle to avail this facility by the SMEs. OnDeck Capital, an American company is a great help for SMEs in US and Canada to avail financing for working capital. OnDeck loans are quick and hassle-free because from loan assessment to disbursement, everything is online. Thus, SMEs have an opportunity of easy funding if they are initiating some new project or venture for expansion or diversification. Even renovation is not a problem. OnDeck has enough capability to meet working capital requirements of SMEs and is performing well for last many years. OnDeck itself was started as a small business in US by seeking funds from venture capital companies, but later extended its business to Canada as ondeck canada reviews .
OnDeck’s big achievement
OnDeck is the leading lending company for small business that process and disburses loans on its online platform using best technology. The company offers a wide range of business credit solutions to various SMEs across US, Canada, and Australia. The company is serving more than 700 industries having over 80,000 customers and has financed more than $8 billion funds to these customers. It is a great achievement for any private lending business.