The specialist small business lender says the uptick in loan volumes is testimony to the strength of the broker channel, resilience of Australia’s small business community and OnDeck’s fast approval times.
Key takeaways:
- OnDeck Australia reports a 246% increase in the volume of broker-written loans generated in November 2024 compared to November 2023.
- The results cap an exceptional year for OnDeck, which has one of the nation’s fastest loan approval turnaround times1, helping brokers give their small business clients rapid access to the funds they need.
- In the second half of 2024, OnDeck halved average loan approval times, with broker-originated Lightning Loans approved, on average, in just 63.6 minutes.
Leading small business lender OnDeck Australia reports a renewed sense of confidence across Australia’s small business sector, and an eagerness to seek new funding, with the volume of broker-generated loan originations rising substantially in November 2024 compared to November 2023.
OnDeck confirms 246% year-on-year (YoY) growth in the volume of broker-originated loans funded in the month of November 2024 versus November 2023.
Further highlighting an especially strong month, the volume of OnDeck’s broker-generated loans rose by 24% in November 2024 compared to October 2024.
Mr Cameron Poolman, CEO of OnDeck Australia says, “The run-up to the festive season is always a busy time for small businesses across Australia. The growth in our loan volumes indicates a small business community that is well-supported by brokers, and optimistic for the year ahead as evidenced by their eagerness to invest for the future.”
According to Mr Poolman, lending growth was recorded across a broad range of sectors with manufacturing, health services, transport and trade showing a strong demand for funding.
“The growth in our loan volumes indicates a small business community that is well-supported by brokers.”
The rise in approvals coincides with the latest Broker Pulse survey, which confirms OnDeck has one of Australia’s fastest small business loan approval times1.
Moreover, approval times are rapidly improving for the specialist small business lender.
OnDeck’s average approval time for Lightning Loans applications (up to $175K) submitted via the broker channel in the second half of 2024 (to date) was 63.6 minutes, which is 64 minutes faster YoY, slicing approval times in half.
“We know that in business, every dollar, every minute counts. Reflecting this, we’ve streamlined our systems to give our broker partners and their small business customers the advantage of exceptional speed,” said Mr Poolman.
“OnDeck halved average loan approval times, with broker-originated Lightning Loans approved, on average, in just 63.6 minutes.”
“In a year that has seen consumers and small businesses beset by rising costs, it is fair to say that the small business sector has had to deal with unprecedented challenges.
“However, OnDeck’s 246% YoY growth in broker-supported lending highlights that small businesses are navigating these challenges well, coming out stronger and with a mindset of investing for future growth,” Mr Poolman noted.
“OnDeck’s 246% YoY growth in broker-supported lending highlights that small businesses are navigating these challenges well…”
“We believe that as inflation cools and interest rates begin to head south in 2025, small businesses that invest in their productivity today will have a competitive advantage in the New Year. This will likely give brokers a wealth of opportunities to expand their small business lending or diversify into this lending segment for the first time,” concluded Mr Poolman.
OnDeck’s Lightning Loans, offering amounts from $10,000 to $175,000, are tailored for small business needs, with a fast and hassle-free application process that requires just six months of business bank statements upfront. For businesses seeking larger amounts, OnDeck’s Lightning Loans Plus provides up to $250,000.
Sources:
1 Broker Pulse (Commercial Lending) Oct-24 by Agile Market Intelligence. Based on the broker’s answer to the survey questions “How quickly did this lender provide you with an initial, formal credit decision?”.
2 OnDeck internal data comparing Jul-Nov 2023 and Jul-Nov 2024, based on actual time taken from application submission to formal approval, which may not be equivalent to the Broker Pulse survey ‘turnaround times’.
Important: The information provided above is general in nature and does not constitute financial, legal, or tax advice. We recommend seeking independent professional advice before making any financial decisions.
