Friday, August 31, 2012
With $275M In Capital Deployed To Main Street Businesses, On Deck Raises $100M Of Its Own
We make a lot of noise about the venture capital and angel funding startups raise to help grow their businesses. But there are a lot of mom-and-pop shops out there -- businesses that are equally important to the success of the economy, whether they be restaurants or small brick-and-mortar retailers -- that don't qualify for funding from top firms. Instead, the country's small businesses have to turn to bank loans, which historically are tricky to secure. These SMBs don't have finance departments or the experience to nail the lengthy, 14-item loan packages that would make them attractive to lenders. On Deck Capital launched in 2006 to give those small businesses a capital lifeline. Using a blend of data aggregation and ePayment technology, the company aims to simplify the borrowing process for Main Street businesses.