Company: On Deck Capital
Company Description: Launched in 2007, On Deck Capital connects Main Street businesses directly to capital. Using data aggregation and electronic payment technology, On Deck’s platform evaluates the true financial health of small businesses and efficiently delivers capital to a market underserved by traditional bank loans. To date, On Deck has delivered over $200M nationwide.
Nomination Category: Products & Product Management Categories
Nomination Sub Category: New Product or Service of the Year - Financial Services

Nomination Title: On Deck Express

Tell the story about this nominated product or service (up to 500 words). Describe its function, features, benefits, and performance to date.

On Deck Express allows business owners to apply for financing online in 10 minutes and be funded in as fast as 1 business day. This first-of-its-kind service for business owners moves small business lending forward in two significant ways:

1) it opens the pathway to capital for millions of small businesses by using an entirely new way to analyze and underwrite this segment
2) it bring the process online, allowing small businesses to access financing faster than ever before.

Banks have historically faced challenges making loans to the small business market as they have lacked an efficient way to analyze Main Street businesses (restaurants, auto repair shops, retailers, etc). As a result, they have judged these businesses like individual borrowers – underwriting commercial loans based on a consumer credit score. However, the personal credit score of the business owner does not reflect the financial health of the business. This outdated approach has prevented millions of creditworthy businesses from accessing the capital they need to grow and expand.

On Deck has solved this problem by leveraging electronic data sources such as online banking, accounting and social data to create a highly accurate profile of the business. By focusing on business fundamentals such as cash flow, On Deck is able to instantly identify creditworthy businesses where others cannot (and in a fraction of the time). In May of 2011, after conducting extensive analysis, Equifax validated On Deck’s model for analyzing small businesses.

Obtaining an On Deck Express loan is fast, simple, and transparent for small business owners. Business owners begin by creating an online profile and providing basic information about their business. Next, the business owner securely connects their online bank account to their profile and the On Deck Express technology instantly analyzes the business – using cash flow details, credit data and other digital sources of information. Loan decisions are delivered almost instantly.

Upon approval, the business owner is empowered to select from available term and loan options that best meet their business needs – loans are available from $5,000 to $35,000. Since its launch, ODX has regularly delivered loans in less than 24 hours. To further simplify the process, all of On Deck’s loan documents are delivery electronically, and an “e-sign” option is also available.

Every day On Deck delivers financing to creditworthy business owners, many of whom have been rejected from their banks (because the banks lack the technology to see they are creditworthy). To date, On Deck has delivered over $200m to thousands of small businesses nationwide. And in a recent survey, 93% of our customers would said they would recommend On Deck to a friend.

On Deck Express represents a tremendous advancement for a process that has historically been time consuming, frustrating and uncertain. Multiple trips to the banks and countless hours have been replaced with a user-friendly online process that can be completed in minutes. For the first time ever, small business owners have a financing solution that is fast, transparent and simple.

Upload a collection of supporting files and web addresses to our server to provide more background information to the judges. You may upload any number of attachments and URLs through the "Add Attachments, Videos, or Links to This Entry" link above. (Do NOT list your URLs below.)

Provide a brief (up to 100 words) biography about the leader(s) of the team that developed this nominated product or service:

Noah Breslow is On Deck’s Chief Operating Officer responsible for the On Deck Express product strategy, development, marketing, and functionality. Breslow brings substantial experience in launching and scaling venture-backed software companies to On Deck. Previously, he served as Vice President of Marketing and Product Management for Tacit Networks, a leading provider of enterprise IT products. Breslow helped steer the company from customer trials through its growth to over 100 employees and its successful sale to a public company. Breslow holds a bachelor’s degree in computer science and engineering from MIT and an MBA with distinction from Harvard.