OnDeck Canada now offers qualifying SMBs additional financing to purchase personal and protective equipment
August 10th, 2020 – OnDeck Canada, a national leader in online business financing has just launched a brand-new loan to support Canadian businesses during the ongoing COVID-19 pandemic. With the lockdown phase across the country now over, businesses began reopening slowly over the summer months. Many provinces across Canada have mandated that businesses have the proper Personal and Protective Equipment (PPE) in place in order to reopen and operate safely, while helping protect against the further spread of infection.
OnDeck’s new PPE micro-loan is being offered to qualifying Canadian businesses that apply for one of OnDeck’s signature financing products, either the traditional Term-Loan or Flex Funds advance. The PPE loan ranges from $1,000 up to $15,000 and is offered on top of the signature financing provided. These additional funds are being offered so businesses can stock up on masks, hand sanitizer, plexiglass shields, cleaning products, or whatever PPE a business may need in order to reopen safely and operate with confidence.
“We knew additional access to capital would be crucial to rebuild once businesses were allowed to reopen, so we set out to create a frictionless product that would alleviate some of the short-term pain small businesses were feeling as they navigated through a host of new restrictions presented by the ongoing pandemic.”, said Cameron Nelson, OnDeck Canada’s Senior Vice-President of Risk and Operations, of the newly launched PPE loan.
According to David Souaid, OnDeck Canada’s Chief Revenue Officer, “In developing our PPE loan, we wanted to support our clients who are being asked to make significant investments in transitioning their business to ensure safety while still providing a good experience for their customers.”
A survey conducted by OnDeck showed that 93% of small businesses experienced a decline in revenue, and 50% saw as much as a 75% decline. A survey conducted by the Canadian Lenders Association noted that while many small businesses applied for government assistance through CEBA, 37% were unable to claim it. Of those that did claim the $40,000 CEBA loan, 50% of businesses said it would not sustain them completely through the COVID-19 crisis, let alone through the rebuild phase. 49% of the businesses surveyed reported that their most urgent need was to find additional sources of financing for the longer-term.
About OnDeck Canada
OnDeck Canada is a national leader in reliable, accessible and efficient online lending for Canadian small businesses, offering a wide range of financing products including Term Loans, Lines of Credit, and Flex Fund advances coast to coast in both English and French. Since its inception in 2015, OnDeck Canada has pioneered the use of data analytics and digital technology to make real-time lending decisions and rapidly deliver funding to Canadian small businesses in as fast as 24 hours. OnDeck Canada has provided over CAD$450 million in capital to small businesses nationally. OnDeck Canada is rated 5-Stars “Excellent” by Canadians on Trustpilot. The OnDeck Canada entities are subsidiaries of On Deck Capital, Inc. (NYSE:ONDK).
For more information, visit www.ondeck.ca.