Small Business Lender OnDeck Expands Canadian Operations
OnDeck Capital announced today it has expanded its small business lending services in Canada.
Since 2007, OnDeck has delivered over $2 billion to American small businesses in more than 700 industries and has been lending in Canada since 2014.
Since its initial launch in Canada in 2014, OnDeck has already funded more than 150 industries.
As part of the expansion, OnDeck will now offer loans up to $150,000 to Canada’s 1.1 million small businesses. OnDeck chose Canada, as the first country to lend to outside the United States, launching the company’s strategic initiative to meet the financing needs of small businesses in select international markets.
RELATED: Warning to Canada’s Big Five Banks: Startups are Coming
“At OnDeck, we are only focused on small business lending. From very early on we have seen an enormous opportunity to help Canadian small businesses meet their growth and seasonal financing needs,” said Rob Young, Senior Vice President of International Operations, OnDeck. “OnDeck launched here to make access to capital better and easier for Canadian small businesses and we are excited to expand our offering to further meet their needs.”
OnDeck small business loans in Canada now range from $5,000 to $150,000 with six to 24 month terms, and are currently available in all provinces and territories other than Quebec.
