SYDNEY, May 22, 2017
Small business loan specialist OnDeck announced a partnership with the Franchise Council of Australia (FCA), the peak body for the franchise sector in Australia. The agreement underscores OnDeck’s go-to-market approach for its joint flagship product with partner MYOB – ‘MYOB Loans Powered by OnDeck’.
Recognising cash flow as a pain point for most small business owners in Australia (as per MYOB Business Monitor March 2017), MYOB partnered with OnDeck to launch MYOB Loans Powered by OnDeck earlier this year. The sophisticated online portal provides customers with a superior experience and has been well-received in the market since its launch.
By partnering with the FCA, OnDeck aims to reach the thriving $146 billion franchise sector as a supplier of choice for small business loans, which can be approved online in as fast as one business day with minimal paperwork. OnDeck aims to fill a serious gap in the market for franchise owners by satisfying more of their unsecured lending requirements that go beyond equipment financing to renovation, relocation and working capital needs.
Commenting on the partnership, OnDeck CEO Cameron Poolman said, “Australia has more franchising outlets per capita than the USA, which rightfully makes us the franchising capital of the world. Given our vision to support the growth and expansion of small businesses in Australia, it made sense for us to be drawn to franchisees who are often in need of a cash injection to grow their business.
“We’re very excited about this new avenue which will further enhance our ability to reach our clients in the small business sector. Our Franchise team is working closely with MYOB to ensure MYOB Loans Powered by OnDeck provides the right cash flow solutions that this sector needs,” added Mr Poolman.
The FCA CEO Damian Paull said, “Access to finance is not always easy for our members and this partnership with OnDeck Australia and MYOB takes advantage of new technologies and systems that understand small business and franchising needs.
“MYOB have been a strong supporter of the FCA, and MYOB Loans powered by OnDeck is another example how, working together, we are focusing on promoting, supporting and enabling franchising in Australia”, he added.
Commenting on MYOB’s support for this partnership, MYOB CEO Tim Reed said, “We are delighted to be extending our relationship with OnDeck and offering a genuine solution to the cash flow issues faced by so many Australian small businesses.
“We have been associated with FCA since 2015 and it has been a very successful relationship which we are looking forward to continuing.
“This partnership will enable MYOB to provide a complete solution for the franchise industry in Australia,” Mr Reed adds.
“We were able to concentrate on upgrading various equipment while OnDeck helped with our cash flow,” Alyson (Domino’s Pizza Franchisee, QLD).