The firm is now offering lines of credit that can be as large as CAD$50,000 and expanded term loans up to CAD$250,000, with both new products available across a variety of businesses, numbering more than 1.1 million.
The firm said that, since entering the Canadian market two years ago, it has advanced roughly CAD$50 million to Canadian SMBs.
In a statement, Gary Fearnall, country manager of OnDeck Canada, said: “Small business owners need financing at every stage of their business’ lifecycle, whether to take advantage of growth opportunities, like buying inventory, investing in major equipment purchases or managing cash flow. The new OnDeck Line of Credit — along with the expanded Term Loan — will provide Canada’s small businesses the growth capital they need in as little as 24 hours. That type of speed and service is exactly what small businesses need to grow in today’s economy.”
In total, since its founding nearly a decade ago, OnDeck said that it has delivered roughly $4 billion in Canada, the United States and Australia.