Business lender launches Australian broker push

by Miklos Bolza28 Feb 2017
Small business lender OnDeck has announced the launch of a new broker product and will be in discussion with local brokers over the next couple of months.

Speaking to Australian Broker at the AltFi Australasia Summit 2017 held yesterday (27 February), Cameron Poolman, CEO of OnDeck Australia, said the lender was ready after successfully implementing the proper systems and processes.

“Over the next period of weeks and months, we’ll be speaking to a number of brokers in Australia. We’re really excited by the initial response,” he said.

“We realise that over 70% of small businesses in Australia like to access capital through an intermediary like a broker so this is very important for us.”

With OnDeck Australia’s systems transferred from the US where the firm’s headquarters are located, the portal will be slick, convenient and efficient, Poolman said.

“We’re really excited with how that’s going to work.”

OnDeck delivers unsecured SME loans of between $10,000 and $150,000 which can be used to purchase equipment or for the installation of equipment.

This move comes in parallel with the recent appointment of Michael Burke as head of sales. One of the main aims of this expanded leadership team is to help OnDeck establish a strong foothold among brokers.

“From the outset, OnDeck has focused on building a multi-skilled management team from a range of backgrounds, with experience, spanning e-commerce, banking, technology and payments. Michael will add to this diverse team, as well as bringing a wealth of contacts and knowledge from the broker channel,” Poolman said.

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