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OnDeck Canada Launches Groundbreaking National Marketing Campaign - Powered by Small Business Insights
[September 10, 2019]

OnDeck Canada Launches Groundbreaking National Marketing Campaign - Powered by Small Business Insights


Leading online lender seeks to evolve financing for Canadian Small Businesses by delivering real solutions to meet SMB needs

MONTRÉAL, Sept. 10, 2019 /CNW/ - OnDeck Canada®, a leader in online lending to small businesses (SMBs) in Canada, today announced the launch of a groundbreaking national marketing campaign powered by coast-to-coast SMB research, to highlight the reality of business owners' needs. In this unique marketing campaign, OnDeck Canada, speaks to small business owners to address and understand their everyday challenges in owning a business, such as accessing much needed capital for growth in as fast as 24 hours.

Logo: OnDeck Canada (CNW Group/OnDeck Canada)

The reality of SMBs, a priority
According to the Government of Canada, as of 2017, 1.18 million (97.9%) of employer businesses in Canada are small businesses1.  In a recent study commissioned by OnDeck Canada, the online financer for SMBs sought to uncover gaps in financing awareness, availability, and stressors that business owners experience daily. A national sample of qualitative and quantitative analysis on SMB owners across Canada showed that 41% of business owners identified a need for capital, but surprisingly 72% of small businesses were unfamiliar with financing solutions outside of traditional and personal funding sources.

Small businesses identify time management as the top reported need for owners (56%)2 but access to financing to fund projects for micro-SMBs (1-4 employees) is the #1 challenge these businesses face (57%)3. OnDeck Canada concluded that SMBs require quick and easy financing solutions to grow and sustain their enterprise. In this recent national campaign, OnDeck Canada stresses the importance of understanding that business owners are always on the go, which is why they aim to bridge the financing gaps for SMBs by delivering capital rapidly.

"We understand that as business owners, you're constantly on the move, and that demands are ever increasing with less time to meet them than before," states Neil Wechsler, CEO of OnDeck Canada. "Business owners are experts at runing their business, so OnDeck Canada simplifies the financing process and takes care of the rest. Funding should not slow down the focus on your business; it should help the business grow." Traditionally, financing applications are lengthy processes, requiring defined and extensive business goals, projection plans, and actionable objectives – but OnDeck Canada's research shows that time management and defined goal planning are the top indicated needs for SMBs, creating a mismatch of expectations of financial services and the demands of small businesses.



"We know the value of understanding your business, so we offer specialized expertise, timely decisions, and access to resources because it makes the difference between your business today, and where your business could be tomorrow," adds Wechsler. The new campaign from OnDeck Canada showcases business owners in idealistic vignettes, oftentimes perceived and portrayed in the industry as canvas of entrepreneurial perfection, but then introduces authentic catalysts that highlight the importance of access to capital in the face of reality. "Our customer is our top priority, and we invest in SMBs because they are the driving force of the Canadian economy. We will continue to lead OnDeck Canada with owners in mind as we provide more efficient access to working capital, a breadth of tailored products, and personalized support."

The financing needs of SMBs
OnDeck Canada reveals from their study, with significance, that 62% of SMBs consider sales growth as their main business objective, but many business owners do not have the resources to grow. Business owners also reported that they (47%) will likely need financing in the future to achieve this growth, while nearly half (49%) have already sought financing before. Respondents also recognized ease of receiving funds (51%) as a key factor in selecting financing options, but only nominal (less than 10%) have sought products from online lenders.


OnDeck Canada offers fast and professional services to enable SMBs to receive necessary funding for their development. In as fast as 24 hours and in just a few clicks, it is possible for business owners to obtain simple, tailored, and seamless solutions with personalized expertise from Canadian Lending Advisors along the way. By focusing on the reality of their customers, OnDeck Canada shares the goal of supporting and empowering small businesses.  "We're committed to providing Canada's SMBs with the smartest financing solutions with continued excellence in service, because as the driver of Canadian economy, our small businesses deserve it."

About OnDeck Canada
OnDeck Canada is a national leader in reliable, accessible and efficient online lending for Canadian small businesses, offering a wide range of financing products including Term Loans, Lines of Credit, and Flex Fund advances coast to coast in both English and French.  Since its inception in 2015, OnDeck Canada has pioneered the use of data analytics and digital technology to make real-time funding decisions and rapidly deliver capital to Canadian small businesses in as fast as 24 hours. OnDeck Canada has provided over CAD$440 million in capital to small businesses nationally  OnDeck Canada is rated 5-Stars "Excellent" by Canadians on Trustpilot. For more information, visit www.ondeck.ca.

OnDeck, the OnDeck logo, OnDeck Canada, OnDeck Score and ODX are trademarks of On Deck Capital, Inc.

References
1 Government of Canada. Key Small Business Statistics. January 2019.
2
OnDeck Canada. SMB Financing Survey (Private). May 2019.
3 Government of Canada. Summary of the Survey on Financing and Growth of Small and Medium Enterprises. 2014.

SOURCE OnDeck Canada


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