Online lender for small businesses OnDeck has announced the appointment of Frank Orofino – former Director of Sales at Balance Point Payroll – as a new head of its Accountant Advisor Program. Mr Orofino has been brought in to oversee a team of OnDeck relationship managers, who work directly with CPAs and the accounting community to bring value to their client’s small businesses through OnDeck financing solutions.
OnDeck launched this program in Q4 2015, when it registered gross revenue of a record $67.6 million, up 34% from Q4 the previous year; net revenue at $42.3 million, up 67% from the same period in 2014; and adjusted EBITDA at $0.3 million, compared to $0.6 million in the prior year.
The program has been defined as “a state-of-the-art referral platform” and aims to help financial professionals meet a significant need faced by their clients: access to capital. The products on offer are loans up to $500,000 with 3-36 month terms and lines of credit up to $100,000, with annual interest rates starting form 5.99%. Both are supported by a simple application process and support is available six days a week.
Paul Rosen, OnDeck’s Chief Sales Officer, commented:
"CPAs and accountants are among the most trusted and influential professionals engaging with the small business community. The goal of OnDeck’s Accountant Advisor Program is to provide these small business counselors with value-added education, insights and support that will help them inform their clients on how to best access much-needed capital. Frank’s broad experience, sales acumen and proven relationships in the accounting sector make him the ideal person to lead and grow this important channel."
Mr Orofino brings more than a decade of sales management and accounting experience to his new role. Before joining OnDeck, he spent two and a half years (from August 2013 to January 2016) working as a Director of Sales at Balance Point Payroll. From December 2008 to August 2013, he worked for ADP – a global provider of cloud-based Human Capital Management (HCM) solutions – as a Sales Manager (till December 2011) and as a Vice President of Sales (till August 2013).
Mr. Orofino weighed in:
“Having dedicated the majority of my career to serving the accounting community, I’ve seen that CPAs are some of the most influential advisors to small businesses, providing support beyond just tax guidance. I look forward to growing OnDeck’s Accountant Advisor Program and helping accountants give their small business clients the financial tools they need to grow.”