After Declining Wonga Offers, On Deck Lands $42M From IVP, SAP & First Round To Bring Online Lending To Main Street

Not all small businesses and startups are lucky enough to raise venture capital. When Main Street business owners, like your local tailor, barber or florist find themselves in need of capital to help grow their businesses, after exhausting their own resources, they typically are forced to turn to banks for a loan. Applying for these loan packages is often time consuming and expensive, and banks tend to rely on personal credit scores to evaluate the health of the business and avoid the costs of underwriting small (sub-$250K) loans. Launched in 2007, On Deck Capital set out on a mission to simplify the borrowing process for Main Street businesses. Leveraging data aggregation and electronic payment technology, the startup gives banks an alternative method for evaluating the creditworthiness of local businesses, in turn making it easier for mom-and-pop shops to secure a loan.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/Tpr8X1tCE8c/

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