Small Business Platform Announces $100 Million Revolving Credit

OnDeck, an online lending platform for small businesses, closed a $100 million asset-backed revolving credit facility with Pioneers Gate LLC, a lending vehicle of a leading life insurance company managed by 20 Gates Management. It provides the longest revolving funding period and the lowest interest margin of any of OnDeck’s variable-rate funding facilities.

Since 2007, the company’s proprietary credit scoring system—the OnDeck Score®—leverages advanced analytics to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. According to the company, OnDeck deployed over $8 billion to more than 80,000 customers in 700 different industries across the United States, Canada and Australia.