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OnDeck reports over 30% increase in loan approvals

by OnDeck Australia,   Mar 06, 2024

The Advisor


The SME lender has recorded a jump in month-to-month loan approvals, originating primarily from brokers.


Online small-business lender OnDeck Australia has reported a 32 per cent increase (month on month) in loan approvals in February, with 70 per cent of approved loans being sourced from the broker channel.


OnDeck confirmed that lending growth was primarily driven by the manufacturing, health services, transport, and trade sectors.


Indeed, OnDeck’s lift in approvals has coincided with the findings of its survey of 500 small businesses, which revealed that 75 per cent of small businesses are “confident about their health and stability”.


The survey found that over a third (34 per cent) of small businesses rated the health of their business as “excellent” or “very good”, while 24 per cent of respondents believed the overall health and stability of their businesses was “below average”.


Read the full article here.

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