On Deck Capital moves higher after announcing pact with Coast Capital Savings
Earlier today, Coast Capital Savings, Canada's largest credit union by membership, and OnDeck Canada, an online lender to Canadian small businesses, announced an innovative partnership aimed at accelerating online lending to Coast Capital small business members. Beginning this month, Coast Capital Savings small business members can apply for term loan financing from OnDeck of up to CAD $250,000 online, in branch or through the Coast Capital Contact Centre and receive approval and funding in as little as one day. The agreement is aimed at bridging a gap in small business credit in Canada by addressing the urgent needs of Canada's small business sector for faster short-term financing. The partnership with OnDeck Canada will help Coast Capital as they expand nationally, positioning the credit union as a leader in small business banking with a best-in-class suite of products and services. OnDeck Canada is part of OnDeck Capital,an online small business lender. OnDeck pioneered the use of data analytics and digital technology to make real-time lending decisions, delivering funds rapidly to small businesses online. Since inception, OnDeck Canada has originated over CAD $440 million in funding to small businesses in Canada. "By partnering with OnDeck Canada, Coast Capital is now able to offer a seamless member experience that is both fast and incredibly easy," explains Derek Turner, Head of Small Business, Coast Capital Savings. "As a purpose-driven and member-owned federal credit union, we are in a unique position to help small business members improve their financial well-being. Today's announcement is an integral part of our always expanding offerings for our existing and future small business members that will see new and innovative products and services brought to market to serve this very important segment." Shares of On Deck are up 3.26% or 13c to $3.95 per share in early afternoon trading.