As the COVID-19 situation evolves, it continues to impact our lives and our economy in ways we never imagined possible. While our main concern remains the health and the safety of our loved ones, small businesses nation-wide are under tremendous financial pressure. They need our collective and continued support during this critical time.
Last week, we mobilized a plan of action to do that. Here’s how we’re supporting our small businesses:
Even quicker response times
We know that time is of the essence for affected businesses, now more than ever before. Every single day counts, so we cross-trained OnDeckers to support our customer service channels. This allows us to respond to the enormous volume of requests as fast as possible.
Offering payment relief
This is an unprecedented situation for main street businesses. Many have had to close their doors completely. To support our affected customers, we’ve offered payment holidays. During which time we will collect no repayments from them, nor will we charge interest. We hope this provides some much-needed relief to see them through this crisis.
Making more capital available
While some businesses have no choice but to remain closed, that has not been the case for all. Some have innovated to get their products out to market amidst local quarantine guidelines. These essential businesses need our support as well. To do that, we continue to make credit available as much as possible. That being said, it became necessary to reassess our risk guidelines to match our new reality.
Teaming up the Canadian Lenders Association
OnDeck is an active member of the CLA’s COVID-19 SMB lender working group. Read our open letter to the Government of Canada.
None of us know how long this situation will last. It’s a very uncertain and stressful time for everyone, OnDeck included. What we do know is that this will end. And, we will get through this together.