IPO May Be Around the Corner for On Deck Capital
There's no doubt that businesses are cautious, Breslow says. "At the same time where they have opportunity to invest in their business and get a return, they're taking advantage of it," he says.
Banks are still very conservative when it comes to small-business lending, approving loans to only the top 5% to 10% of businesses.
"Clearly, there's a lot more fundable small businesses out there besides that," Breslow says.
The latest funding round follows a busy year of record performance for On Deck Capital.
In 2012, the lender doubled its business, raised nearly $100 million in credit facility commitments jointly led by Goldman Sachs (GS) and Fortress Investment Group (FIG) , tripled the number of distribution partners to 1,500 nationwide, expanded its bank partnerships and increased its industry coverage to over 700 vertical markets, serving essentially all types of Main Street businesses, it noted.
On Deck also recently opened regional offices in Atlanta, Sarasota, Chicago and Los Angeles. This year it will open an office in Denver, and move into larger office spaces for its New York City headquarters and office in Arlington, Va.
-- Written by Laurie Kulikowski in New York.
To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com.
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