New York Small Business Relies on Online Lending

New York Small Businesses
Using Online Lending

1 +
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WHY ONLINE LENDING

3.9 million New Yorkers are employed by small businesses
Small businesses fail without access to credit
Large banks decline nearly half of all small business loan applications1

A different model is needed for many small businesses in New York

How is Online Lending Different?

Online lenders are:

fast

Small businesses can often secure credit in less than 24 hours

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flexible

Online lenders will extend smaller loans than banks, with shorter repayment periods

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The SMART BoxTM tells credit seekers the terms of their loan, including rates and fees

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inclusive

Online lenders use technology to lend to underserved small businesses

Online Lending Works for Small Business

11,500+

small businesses in NY received over $750 million in loans from online lenders from 2015 - 2017

95%

of online borrowers say the loan they secured drove or enabled business growth2

98%

of online borrowers are likely to take out another loan from an online lending company2

READ THE REPORT

1. 2015 Small Business Credit Survey: Report on Employer Firms, Federal Reserve Banks of New York, Atlanta, Boston, Cleveland, Philadelphia, Richmond and St. Louis. March 2016.

2. 2017 Survey of Borrowing by Small Business Borrowers, conducted by Edelman Intelligence. October 2017.

TESTIMONIALS

“OnDeck was there when I needed secure financing fast. With my loan, I was able to open a new location and increase my sales by 40%.”
—Gerald Palumbo,Seasons Floral Design Studio, New York, NY
—Gerald Palumbo,
“I applied for a traditional small business loan after being impacted by Hurricane Sandy and was ultimately denied. With Kabbage, I was approved quickly. Having access to funds when I need them has helped me keep up with inventory and staffing.”
—Alex Ignacio,Real Auto Dynamics, Oceanside, Queens, NY
—Alex Ignacio,
“With OnDeck we have money in our pocket instantly. The last loan we got – we talked to our rep on Monday morning, and by Monday afternoon the money was in our account . . . They look at the people they serve, and they really serve them. They give us a breakdown of what we’d qualify for. The sheet they give us is so well detailed, that it’s easy to understand and make the right decision.”
—Phyllis McElligott,Diamond Janitorial, Rochester, NY
—Phyllis McElligott,
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“OnDeck was there when I needed secure financing fast. With my loan, I was able to open a new location and increase my sales by 40%.”
—Gerald Palumbo,Seasons Floral Design Studio, New York, NY
—Gerald Palumbo,
“I applied for a traditional small business loan after being impacted by Hurricane Sandy and was ultimately denied. With Kabbage, I was approved quickly. Having access to funds when I need them has helped me keep up with inventory and staffing.”
—Alex Ignacio,Real Auto Dynamics, Oceanside, Queens, NY
—Alex Ignacio,
“With OnDeck we have money in our pocket instantly. The last loan we got – we talked to our rep on Monday morning, and by Monday afternoon the money was in our account . . . They look at the people they serve, and they really serve them. They give us a breakdown of what we’d qualify for. The sheet they give us is so well detailed, that it’s easy to understand and make the right decision.”
—Phyllis McElligott,Diamond Janitorial, Rochester, NY
—Phyllis McElligott,
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Next

NEWS

NDP RELEASE

Online lenders funded nearly $10 billion to U.S. small businesses from 2015 to 2017, generating over $37 billion for the economy and creating over 350,000 jobs....

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NATIONAL NDP REPORT

Small businesses are vital for America. However, these businesses routinely lack access to necessary capital to maintain and expand operations. Online lending fills this critical gap for small businesses...

Learn more

READ MORE NEWS​

TESTIMONIALS

“OnDeck was there when I needed secure financing fast. With my loan, I was able to open a new location and increase my sales by 40%.”
—Gerald Palumbo,Seasons Floral Design Studio, New York, NY
—Gerald Palumbo,
“OnDeck was there when I needed secure financing fast. With my loan, I was able to open a new location and increase my sales by 40%.”
—Gerald Palumbo,Seasons Floral Design Studio, New York, NY
—Gerald Palumbo,