OnDeck: Grow Your Venture With A New Business Loan

Figuring out the specifics of securing a new business loan can often feel overwhelming. It’s a journey that demands not just keen insight but also a reliable guide who understands your needs. This is where OnDeck steps in. 

We’re here to guide you on how to secure the funding your business needs to flourish. Rest assured, taking out small business loans, while daunting at first glance, becomes far less intimidating with us by your side. 

Simplifying the process with OnDeck

Embarking on the journey of growing a small business is an endeavour filled with both excitement and challenges. It requires not just a vision but also the right support to turn dreams into reality. 

So, finding a business lending partner that understands the unique needs of new businesses and offers the right blend of support and flexibility is crucial. Luckily for you, OnDeck is here to streamline the way Australian entrepreneurs access the funds needed to fuel their aspirations.

Streamlined application and fast funding

Our business loan application is designed for speed and simplicity. Our online application can be completed in just minutes, with decisions made in as little as thirty minutes. The best part is that with us, you can receive the funds as quickly as two hours, ensuring that your business gets the financial support it needs without unnecessary delays.

Unsecured loan advantages

We understand the importance of protecting your personal assets, which is why OnDeck offers unsecured loans. This means you can secure a new venture loan without having to put up collateral. This not only safeguards your assets but also expedites the loan process, making it smoother and more accessible.

The innovation of our Koala Score

At the heart of OnDeck’s quick business loans is our Koala Score™, a groundbreaking credit scoring system tailored for Australian businesses. This lets us make informed, data-driven decisions, offering loans that might exceed what other loan companies can provide. This predictive scoring engine gives us a deeper understanding of your business’s potential, allowing us to address your needs more effectively.

Your own loan specialist

At OnDeck, we believe in providing personalised support that makes a difference. Every client is paired with their own dedicated loan specialist based in Australia, ensuring you have a knowledgeable and accessible point of contact throughout your loan application process. 

Our specialists are more than just advisors; they’re partners who are committed to understanding your business and guiding you towards the best financial solutions. Their goal is to make your experience stress-free, so you can focus on what matters most: growing your business.

Feel free to reach out to our exceptional team on weekdays from 9.00 a.m. to 6.00 p.m. 

Frequently Asked Questions (FAQ)

What are the requirements for applying for a new business loan?

Before applying, you must check if you meet our new business loan requirements. Your business must be at least one year into operations, have an annual turnover exceeding $100,000, have no record of prior or recent bankruptcy, and have a business credit score of at least 400. These benchmarks ensure we partner with businesses poised for growth and stability.

We’ll also ask for six months of your most recent business bank statements to assess your cash flow. For those eyeing our Lightning Loans® Plus loans, you’ll also have to submit last year’s accountant-prepared financial statements.

How do I determine the amount of loan needed for my new business?

No two businesses are exactly alike. Each one has its own revenue forecasts, profit margins, and financial projections, which are all crucial factors to consider when determining the loan amount you apply for. Take note of what this information says about your business’s ability to repay business loans comfortably. 

It’s also important to have a plan for what you’re going to use the new business loan for. Your business goals are a major compass that guides your loan amount decision. 

For example, when it comes to smaller ventures like kickstarting a marketing campaign or bolstering working capital, OnDeck’s Lightning Loans, ranging from $10,000 to $175,000, might be just what you need. On the other hand, for bigger investments like expansions, our Lightning Loans Plus, which is available up to $250,000, is the new business loan option to go for.

How does my personal credit history impact my eligibility for a new business loan?

In assessing your eligibility for a new business loan, your business credit score and cash flow are key indicators. These elements offer a comprehensive snapshot of your business’s financial health. A robust credit score signals a history of responsible credit management, while a positive cash flow demonstrates your business’s ability to sustain operations and manage debts effectively.

We pride ourselves on being responsible lenders. By closely analysing your financial situation and repayment capabilities through these factors, we’re able to guard you against business loan options that could add unnecessary financial strain. After all, at OnDeck, we’re all about promoting a healthy balance between seizing growth opportunities and maintaining financial stability.

OnDeck, the financial partner you deserve

In our years of business financing experience, we’ve helped thousands of Australians achieve their business goals with our loans. Be the next small business owner to discover how our commercial financing offerings can help you grow your venture into what you’ve always envisioned. 

We understand that the best business loans could look different for each enterprise. It’s why we offer a wide range of rates depending on your business credit score, along with quick processes and an accommodating customer service team.

Don’t wait to grow your business into the success it deserves to be. With us, there’s no complicated small business loan process you have to deal with. Apply for a new business loan with us today!

This article is for general information purposes only. Content may belong to or have originated from third parties, and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. OnDeck is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how this information relates to your unique circumstances. OnDeck is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly by the use of this website.