OnDeck Teams With HomeAdvisor On SMB Financing

OnDeck, an Enova International brand, has collaborated with HomeAdvisor to help businesses and tradespeople on the HomeAdvisor platform to access financing, according to a Monday (Feb. 22) announcement.

“Through this partnership, HomeAdvisor professionals will have timely access to OnDeck’s suite of small business financing options, allowing them to remain focused on managing their businesses and the projects they’re taking on,” Jim Granat, senior vice president at Enova and co-head of OnDeck, said in the announcement.

OnDeck has almost a decade and a half of experience providing small companies with more than $13 billion in digital financing to meet the individual needs of each company, while HomeAdvisor serves as a marketplace for those in the U.S. to locate tradespeople, according to the announcement.

The need for contracting and building services continues to ramp up as businesses are starting to reopen. Professionals who use HomeAdvisor to locate customers will now be able to leverage the platform to further expand their companies, get funding for their endeavors and aid homeowners throughout the country, the release stated.

Home service activity is flourishing through the United States, creating an opportunity for companies and tradespeople to expand and prosper, noted Bryan Ellis, EVP of operations at HomeAdvisor. “For pro businesses to continue to grow, access to capital is essential. We are excited to be partnering with OnDeck, who has proven to be a great resource for small businesses,” Ellis added.

The news comes as Enova International reported in early February that overall revenue fell 24 percent from the fourth quarter of 2019 to the fourth quarter of 2020. But the financial services company reported that overall company originations in Q4 increased by more than three times from the previous quarter to reach $536 million. In addition to OnDeck, Enova’s portfolio of brands includes CashNetUSA, NetCredit, Simplic, Headway Capital and The Business Backer.