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OnDeck Approved as SBA Paycheck Protection Program Lender

April 16, 2020, 07:00 AM
Filed Under: SBA Lending News

OnDeck announced it has been approved by the U.S. Small Business Administration (SBA) to provide Paycheck Protection Program loans.

"OnDeck's mission has always been to promote the growth and success of underserved small businesses by providing fast and transparent online access to capital. We are now leveraging those capabilities to assist small business owners seeking loans under the Paycheck Protection Program," said Noah Breslow, Chairman and CEO of OnDeck. "As the Federal Reserve recently highlighted, established online lenders, like OnDeck, serve a broader, more diverse cross-section of American small businesses than traditional banks. We appreciate the SBA and Treasury Department including OnDeck as a direct lender in this crucial program and recognizing our unique ability to assist underserved businesses."

The Paycheck Protection Program was established by Congress and is being implemented by the U.S. Treasury Department and the SBA. It provides low-interest loans, with a possibility for loan forgiveness, to small businesses impacted by the COVID-19 outbreak. The Paycheck Protection Program provides a direct incentive for small businesses to keep their workers on payroll during the current crisis.

While OnDeck was approved to lend under the Paycheck Protection Program, the company awaits further guidance and clarity from the SBA on how loan applications will be submitted from non-bank lenders.

As announced earlier this week, OnDeck has already begun processing and servicing loans on behalf of Celtic Bank, a Utah-Chartered Industrial bank, Member FDIC, and one of the nation's top ten SBA lenders.

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