One in two small businesses recognise that specialist lenders outpace the big banks for rapid approval times.
Highlights
- Almost half the nation’s small businesses say specialist lenders provide easy/convenient online applications.
- Less than one in four (24%) small business believe the banks offer a convenient online application process.
- One in two small businesses believe specialist lenders are likely to deliver fast approval times
- OnDeck has a fully online application process, and funding can be available to approved small businesses in as fast as two hours.
Sydney (4 July 2023): Leading online small business lender OnDeck Australia says new research indicates that Australia’s small businesses are increasingly aware of the value of partnering with a specialist lender.
Research by Momentum Intelligence[1] reveals that 44% of small businesses say specialist lenders provide the ease and convenience of an online loan application process.
By comparison, fewer than one in four (24%) small businesses say the major banks offer online applications.
Small business also rank specialist lenders ahead of mainstream banks when it comes to prompt loan approval.
The Momentum Intelligence survey confirmed that one in two (44%) small businesses say specialist small business lenders deliver fast approval times, while fewer than one in four (24%) respondents believed the big banks offer rapid funding.
Mr Cameron Poolman, CEO of OnDeck Australia, said, “It is rewarding to see that Australia’s small businesses are recognising the ability of specialist lenders to deliver the fast, efficient funding service that small enterprises need to seize opportunities.
“As a fintech lender, OnDeck Australia has made a considerable investment in technology. This not only drives a simple and accelerated application process, it also allows for exceptionally fast approval and delivery of funding.
“Rather than demanding reams of paperwork to be completed, which is the case with many lenders, OnDeck only asks small businesses to upload six months of bank statements to our secure online portal.”
OnDeck’s Lightning Loans offer a fast-tracked application, with funding decisions for loans for up to $150,000 are made in 30 minutes or less, with funds made available to approved applicants in as little as two hours.
“Our easy online application combined with OnDeck’s turbo-charged approval and funding process allows small businesses to take advantage of time-specific opportunities, such as trade discounts, that can make a significant difference to profitability and business growth,” said Mr Poolman.
“We are eliminating the ‘slow no’ from small business lending in Australia, and this is putting small enterprises on a level playing field with far larger organisations when it comes to accessing fast, efficient finance,” concluded Mr Poolman.
[1] Momentum Intelligence Brand Intelligence – SMEs on Business Lenders Survey 1-31 March 2023
About OnDeck
OnDeck Australia is the proven leader in transparent and responsible online lending to small business. Since launching in Australia in 2015, OnDeck Australia’s focus has always been on supporting small businesses with access to fast, efficient unsecured finance.
Today, OnDeck Australia offers a wide range of term loans customised for small business owners’ needs. OnDeck Australia is focused on taking the friction out of business lending offering unsecured business loans from $10,000 – $250,000 across 6 – 24-month terms. We’ve helped thousands of small businesses across a range of industries access funding quickly and easily, while maintaining a 4.8/5 star TrustPilot rating.
In 2021, OnDeck Australia launched The KOALA Score risk-prediction model that draws on big data, predictive analytics, plus data from multiple credit reporting agencies to enable more Australian small businesses to be approved for a commercial loan.
In 2021, OnDeck Australia also launched Lightning Loans, which enables the decisioning of loans up to $150,000 in as fast as 30 minutes, and funding in as fast as two hours. For more information, visit www.ondeck.com.au
Media Contacts:
Anthony O’Brien
Corpwrite Australia
+61 (0) 411 578 818
