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On Deck Capital launches free online credit evaluation tools

Aug 05, 2010

On Deck Capital has unveiled a set of free online finance tools that help small business owners instantly peer into their credit health and show them options for obtaining a loan. A majority of all small businesses seeking capital are denied traditional bank loans due to tighter and more mechanical credit standards, and millions of small business owners are left in the dark about what capital options are available to them. While small businesses account for 65 percent of all employment in the nation, the system to bring capital to Main Street remains flawed. "Despite all the talk in Washington and $30 billion to be made available to small businesses, the money won't make it to Main Street," said Mitch Jacobs, founder and chief executive officer of On Deck Capital. "It's dumping money into the same broken system. We are solving the problem through our lending system that allows capital to reach millions of creditworthy businesses." On Deck's platform helps business owners assess their business and plan for their capital needs without ever having to set foot inside a bank or formally apply for a credit product. By registering and entering key information into On Deck's secure Web site, www.ondeckcapital.com, business owners establish an On Deck profile that allows them to access the following tools: On Deck Credit Director The On Deck Credit Director pinpoints the best capital options for a business owner given the cash flow of their business along with both their business and personal credit bureau data. Business owners can easily compare different lending options and see which is the best fit for their business. On Deck Insights On Deck Insights show business owners how lenders look at their business, breaking down complex credit data and cash flow analysis into simple report cards covering each area of the evaluation. These report cards help guide the business owner as to how they can improve their profile to access better credit options in the future. On Deck Short-Term Business Loans Qualified small business owners can instantly apply for a loan directly with On Deck. While banks rely largely on the personal credit score to make small business lending decisions, On Deck's proprietary technology platform evaluates small businesses based on cash flow and actual business data. On Deck can then pinpoint many healthy businesses that are turned down by the bank. Using On Deck's tools in no way obligates users to apply for an On Deck loan. For more information, visit www.ondeckcapital.com.
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Aug 05, 2010
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