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January 7, 2019 1:15 PM, EST

OnDeck to Offer Equipment Finance Loans

OnDeck, an online lender for small businesses, has announced that it will begin offering equipment finance loans in 2019, according to a Dec. 19 press release.

In the release, the company cited the approximately $35 billion of new small-ticket equipment loan and lease financing originated in the United States in 2017, according to the Equipment Leasing & Financing Association’s 2018 Survey of Equipment Finance Activity.

The new equipment finance loans will expand on a pilot program from OnDeck in which the company has been referring small businesses to a third party that originates and services the loans.

OnDeck will begin providing loans that range from $5,000 to $100,000, with terms from 24 to 60 months. The company plans to offer only equipment finance loans for new and used equipment, rather than lease, the release stated. — Transport Topics