On Deck Secures $97M in Debt Financing
On Deck, a New York, NY-based main street lender, has secured $97m in debt financing.
The transactions include:
– an $80m credit facility jointly led by Goldman Sachs and Fortress Credit Corp. and
– $17m of venture debt loans from SF Capital and Lighthouse Capital Partners.
The company intends to use the proceeds to increase lending capacity to further advance its working capital solution and enable main street businesses to grow their operations.
Launched in 2007 and led by CEO Noah Breslow and and CFO Howard Katzenberg, On Deck Capital uses data aggregation and electronic payment technology to evaluate the financial health of small businesses and to efficiently deliver capital to their market, which is tipically underserved by traditional bank loans.
The company, which is backed by venture capital firms including SAP Ventures, Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures, is currently hiring (http://www.ondeckcapital.com/our-company/careers).