The company has also appointed a new Vice President of Equipment Finance.
Small business online-lender OnDeck is to begin offering equipment finance loans to select US-based businesses in 2019.
OnDeck is a New York Stock Exchange listed company which went public at the end of 2014. The company offers a range of term loans and lines of credit which is customised for small business owners and has provided in excess of $10bn in loans across US, Canada and Australia.
Equipment finance loans enable small businesses to buy new technology and machinery to assist with growing the developing company.
The equipment finance loans are an expansion of OnDeck’s ongoing pilot referral program which launched in the summer. The program includes the company referring small businesses to a third party to originate and service equipment finance loans which OnDeck will be able to offer instead of referring. Once launched, the loans will range from $5,000 to $100,000 with terms ranging from 24 to 60 months.
In tandem with the expansion to OnDeck’s product offering, the company has announced the appointment of Mark Erickson as Vice President of equipment finance. Erickson has joined from Key Equipment Finance Inc, a subsidiary of Key Corp, where he served executive roles within sales, operations and risk.
Noah Breslow, Chairman and CEO at OnDeck said in statement: “We expect OnDeck equipment finance loans to quickly become a vital source of online financing for small business owners seeking simple, transparent equipment financing they can understand and utilise.”