OnDeck secures $85M credit facility

Feb. 8, 2019

OnDeck, an online lender for small businesse, has closed on an $85 million revolving credit facility, replacing the previous $30 million line, according to a press release.

SunTrust Bank and Silicon Valley Bank are the arrangers of the facility and MB Financial Bank and Congressional Bank are the two other participants. The facility matures in January 2021 and has a one month Libor + 3 percent interest rate, according to the release.

"The closing of this facility is yet another step forward in our efforts to improve our funding flexibility and costs," Ken Brause, CFO at OnDeck, said in the release. "Securing long-term lending commitments from a high quality and diverse bank group reflects growing confidence in the OnDeck business model and the improved financial strength of our company."

OnDeck has provided $10 billion in loans to customers in the U.S., Canada and Australia.


 

Topics: Financial News, Mobile Banking, Money Transfer / P2P

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