OnDeck Australia records 32% MoM jump in loan approvals as small businesses report confidence in health and stability
OnDeck Australia reports a renewed sense of optimism across the small business community as eight in ten say they are confident about meeting financial obligations.
- OnDeck Australia has recorded a 32% jump in month-on-month loan approvals in February.
- The uptick in approvals comes as over one-third of small businesses rate the health of their enterprise as ‘excellent’ or ‘very good’.
- Less than one in four (24%) small businesses say the overall health/stability of the business is ‘below average’.
- 80% of small businesses are confident about meeting their financial obligations.
Sydney (4 March 2024): Leading online small business lender OnDeck Australia confirms 32% month-on-month growth in loan approvals.
Lending growth was recorded across a broad range of sectors with manufacturing, health services, transport and trade leading the way.
The rise in approvals coincides with independent research commissioned by OnDeck that shows the nation’s small businesses have hit the ground running in 2024, buoyed by a sense of confidence that enterprises are in great shape and well-placed to manage financial obligations.
OnDeck’s survey of 500 small businesses across Australia reveals that three in four (75%) small businesses are confident about their health and stability.
Over one in three (34%) small enterprises rate the health of the business as ‘excellent’ or ‘very good’.
Fewer than one in four (24%) small businesses believe the overall health and stability of the business is ‘below average’.
Reflecting the mood of optimism, OnDeck found the vast majority of small businesses say they are well-placed to meet their financial obligation in 2024.
According to the survey results, eight out of 10 (80%) small business owners are confident their enterprise will be able to meet their financial obligations.
Mr Cameron Poolman, CEO of OnDeck Australia, said, “It is incredibly heartening to see such overwhelmingly positive views and confidence among Australia’s small business community.
“After several years of pandemic lockdowns followed by an unrelenting string of official rate hikes by the Reserve Bank of Australia, it is fair to say that the small business sector has had to deal with unprecedented challenges.
“However, OnDeck’s 32% month-on-month growth in loan approvals backed by our survey findings highlight that small businesses have come through a tough time, stronger and better-placed to manage future financial obligations.”
As inflation cools and interest rates begin to head south, small businesses need to consider how to take advantage of changing economic conditions.
OnDeck’s Lightning Loans® are available for up to $175,000, with funds available in as fast as two hours to approved applicants.
“We know that access to fast, efficient finance is highly sought-after by Australian small businesses. Yet too many lenders do not prioritise the needs of small business. OnDeck Australia recognises that small enterprises are well-placed to borrow and explore growth opportunities in 2024, and we have the funding options available to approved applicants,” concluded Mr Poolman.
About OnDeck
OnDeck Australia is the proven leader in transparent and responsible online lending to small business. Since launching in Australia in 2015, OnDeck Australia’s focus has always been on supporting small businesses with access to fast, efficient unsecured finance.
Today, OnDeck Australia offers a wide range of term loans customised for small business owners’ needs. OnDeck Australia is focused on taking the friction out of business lending offering unsecured business loans from $10,000 – $250,000 across 6 – 24-month terms*. We’ve helped thousands of small businesses across a range of industries access funding quickly and easily, while maintaining a 5-star TrustPilot rating.
In 2021, OnDeck Australia launched The KOALA Score risk-prediction model that draws on big data, predictive analytics, plus data from multiple credit reporting agencies to enable more Australian small businesses to be approved for a commercial loan.
In 2021, OnDeck Australia also launched Lightning Loans®, which enables the quick decisioning of loans from $10,000 to $175,000* in as fast as 30 minutes, and funding in as fast as two hours^. For more information, visit www.ondeck.com.au
About the Research
The independent research was conducted online in October 2023 by Octopus Group across more than 500 small business owners Australia-wide.
Important information from OnDeck:
* Loan amounts and loan terms are for illustrative purposes only, which the lender may adjust in its sole discretion without notice. Eligibility and approval are subject to a standard credit assessment and the applicants’ business circumstances which may include information such as industry, time in business, estimated revenue and other data. Not all loan amounts, term lengths or rates will be available to all applicants. Loans are subject to lender approval. Fees, terms and conditions apply.
^The timeframe required to process and fund loan applications may vary for each individual application. Factors such as the completeness and accuracy of application materials, verification processes, and external circumstances can influence the processing & funding timelines.
On Deck Capital Australia Pty Ltd ABN 28 603 753 215. OnDeck® is a Registered Trademark. All rights reserved. Please read our: Privacy Policy,
Media Contacts:
Anthony O’Brien
Corpwrite Australia
+61 (0) 411 578 818
