Global payment provider Worldpay and lending firm OnDeckannounced on Wednesday (Aug. 20) that they partnered together to small and mid-sized firms get access to financing.
According to a joint statement, Worldpay’s small business customers will be able to get working capital from OnDeck for business related growth needs with this partnership. This will help firms gain better access to equipment,inventory purchases and hiring.
This relationship supports both Worldpay’s and OnDeck’s shared commitment to serving small businesses nationwide,” OnDeck Vice President of Business Development Jerome Hershey said. “Worldpay’s payment solutions and OnDeck’s financing products are a compelling, and complementary offering.
By partnering with OnDeck, Worldpay customers will be connected with the necessary working capital, said Worldpay Chief Marketing Officer Patti Newcomer.
Earlier this week, PYMNTS.comreported on how small business lending has decreased. Specifically, a Wall Street Journal report found that the number of loans for $1 million or less held by banks is down about 14 percent to 23.5 million since 2008. Moreover, loans to businesses of all sizes totaled $2.48 trillion as of March 31, which is a 9 percent increase from 2008.