As Australia’s leading small business lender, OnDeck is helping brokers branch out into small business lending, and there is a massive pipeline of opportunity.
Their cutting-edge technology evaluates businesses based on their actual performance, not just the business owners' personal credit score. This is creating opportunities for brokers to help more of their small business clients secure the funds they need to grow.
Their unsecured Lightning Loans for funding up to $250,000 have proven a game changer for brokers. Only 6 months of business bank statements are needed to apply, and their KOALA Score credit assessment algorithm means we can have a decision in as fast as 30 minutes, with funding to approved applicants in as fast as 2 hours.
This isn’t just great for small businesses. It also allows brokers to seal the deal a lot sooner – a win-win!
Their research found six out of ten (60%) small businesses would consider using a broker for their financing needs. The same study shows:
Small business lending can also be a great source of repeat business for brokers, with 86% of small businesses saying they’d return to their broker for finance in the future.
For brokers keen to diversify their business, OnDeck makes it easy to come on board. Their accreditation process is quick and easy. They offer a wealth of support including free marketing collateral for brokers to promote their move into commercial finance.
Their research shows one in four of a broker’s home loan clients are likely to be small business owners. Expanding into commercial lending lets brokers provide a holistic service to customers, and truly become a one-stop-shop for all their clients’ financial needs.
For more information and to get accredited with OnDeck in minutes click here!