30 June 2022
Nick Reily, head of partnerships at OnDeck Australia, said the non-bank is seeing a significant uptick in small businesses for cash flow business, which the team believes “reflects businesses embracing opportunities for growth as the economy rebounds and the market returns to more normal trading conditions.”
In 2022, OnDeck has seen a 48% uptick in loan originations compared to the previous year, along with an increased number of small businesses applying for finance to invest in plant and equipment as well as training and tech, partly to take advantage of the supersized tax deductions announced in late March in the federal budget. Other non-banks expect the positive trend to continue moving forward.
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