OnDeck expands lending options for small businesses in Canada

Online lender OnDeck now offers a line of credit up to $50,000 Cdn for small businesses and an expanded term loan up to $250,000.

Beginning immediately, Canadian small businesses that have annual revenue of at least $100,000 Cdn and have been in business for at least one year can apply for a line of credit from OnDeck from $10,000 to $50,000.

The new line of credit offers eligible Canadian small businesses access to capital when they need it, whether to manage cash flow or to be prepared for unexpected opportunities, OnDeck said in a press release. The line of credit can be drawn upon at any time and has all the benefits of a credit card but can be used for expenses where a card won’t work, such as making payroll.

OnDeck’s term loans enable eligible Canadian small businesses to access capital from $5,000 to $250,000 (up from $150,000) with loan repayment terms of six to 24 months.

The company was established in 2007 and entered Canada in 2014.

“Small business owners need financing at every stage of their business’ life cycle, whether to take advantage of growth opportunities like buying inventory, investing in major equipment purchases, or managing cash flow,” said Gary Fearnall, country manager, OnDeck Canada.

www.ondeck.com