(New York, NY) February 26, 2013 – On Deck, the technology-powered Main Street lender, announced today the opening of a new Western regional office in Denver, Colorado. The Denver office, which opened with 16 employees, will expand to over 200 professionals in the next two years across sales, operations and technology functions. Colorado Governor John Hickenlooper and Denver Mayor Michael B. Hancock presided at an inaugural ceremony for local small business owners, business partners and government officials.
Continuing in the tradition of the JumpStart Biz Plan Award — led by the Denver Office of Economic Development — On Deck launched Colorado: Let’s Grow Together, a contest sponsored by On Deck to foster growth among Colorado small businesses. Colorado small business owners may apply through On Deck’s Facebook page by explaining how an extra $10,000 would help their business grow. One Colorado-based small business owner will be awarded $10,000; second place $5,000; and the third place winner will earn a counseling session from the staff at On Deck.
Denver has a strong, technology-focused community that was a natural fit to support the New York-based company’s rapid growth. As the established innovator in small business lending technology, On Deck has already deployed millions of dollars in capital to local Colorado restaurants, retailers, health care professionals and other service providers. The City of Denver and the State of Colorado also provided strategic input and training subsidization programs that enabled On Deck to efficiently navigate the local area and ramp up its operations.
“Having a Western regional hub allows us to better reach and serve our surging customer demand in the Mountain and Pacific Times zones, and the City of Denver is a great fit for our needs,” said Noah Breslow, chief executive officer, On Deck. “We were also looking for the right combination of a growing, educated workforce and a large concentration of high-tech workers that would provide an employee pipeline for On Deck to continue its rapid growth. Denver was the clear winner for us.”
Breslow added, “We value partners with the same level of commitment to small businesses that we have, and The City of Denver and the State of Colorado demonstrated their support for On Deck’s mission by offering program benefits that will enable us to scale the company in an accelerated manner.”
“On Deck’s decision to expand in Colorado is reflective of the state’s pro-business climate and high quality workforce,” said Governor Hickenlooper. “The company has already boosted many small businesses in Colorado with capital, and we look forward to their continued support of our innovative business climate. Companies like On Deck are a powerful engine for our economy, and we look forward to a mutually beneficial relationship between them, the state, and their customers.”
“Denver is proud to welcome On Deck to the Mile High City. This announcement clearly reaffirms Denver’s position as a leading city nationally and internationally for business expansion and success,” said Mayor Hancock. “On Deck’s move into Denver further enhances our strong financial services sector while providing additional tools to spur small business growth throughout our city, region and state.”
Denver was attractive to On Deck across a number of key metrics*, including:
- Colorado has the nation’s 3rd highest concentration of high-tech workers
- Denver ranked 4th among the 50 largest metro areas for banking and finance employment concentration
- There are approximately 145,000 students enrolled in 4 year educational programs throughout the region
- Denver is #1 among large U.S. metro areas for total population gain in the 25-34 age group
Through On Deck’s innovative technology platform, the company recently hit another major milestone of deploying $400 million to small businesses nationwide. On Deck’s proven proprietary system is a transformative solution to the lending challenges of America’s small and medium sized businesses and has become the catalyst for growth for thousands of entrepreneurs. To date, the company counts more than 160 employees, spanning several offices nationwide. The company also recently opened regional offices in Atlanta, Sarasota, Chicago and Los Angeles and plans to move into larger office spaces for its New York City and Arlington, VA offices.
To enter Colorado: Let’s Grow Together, please visit On Deck’s Facebook page at https://www.facebook.com/OnDeckCapital.
About On Deck
Launched in 2007, On Deck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses and efficiently deliver capital to a market underserved by banks. Through the On Deck platform, millions of small businesses can obtain affordable loans with a fraction of the time and effort that it takes through traditional channels. The company’s proprietary credit models look deeper into the health of businesses, focusing on overall business performance, rather than the owner’s personal credit history. The On Deck system also provides a critically needed mechanism for financial institutions and other business service providers to efficiently reach the Main Street small business market.
OnDeck has deployed over $700 million in capital to tens of thousands of businesses across 700 different industries. The company is growing at greater than 100 percent annually, and was recently named to Forbes’ 100 Most Promising Companies in America list, the Inc. 500/5000 for a second year in a row, and the Crain’s New York Business Fast50. The company also has earned an A+ rating with the Better Business Bureau. OnDeck is financed by some of the nation’s leading venture capital firms, including Google Ventures, SAP Ventures, RRE Ventures and Institutional Venture Partners.
*Data points provided by The Metro Denver Economic Development Corporation.
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