OnDeck CEO Noah Breslow and members of the Board took a 30% pay reduction.The company said that PPP funding has not really reached real small businesses like the ones they serve and as such only a handful of their customers have received PPP funds. OnDeck shared yesterday that they are now able to serve small businesses who are seeking capital under the Paycheck Protection Program or PPP; according to the press release OnDeck will be processing and servicing loans on behalf of Celtic Bank, a Utah-Chartered Industrial bank; Celtic bank is among the top ten SBA lenders in the US; OnDeck has also applied to become a direct lender under the PPP. OnDeck, BlueVine are latest fintechs to provide PPP loans ... Share As digital lenders finally make their move into Paycheck Protection Program loans, fintechs OnDeck and BlueVine partnered with banks this week to begin processing loans through the Small Business Administration’s stimulus program. "Based on our experience," he says, "fintech companies have been able to turn around applications relatively quickly and efficiently without too many complications." The share price dropped by nearly 19% after earnings were released on Thursday morning.The company has also suspended its pursuit of a bank charter. It hit a low of 66 cents on March 18th.

Some of these companies will only accept applications from current customers or account holders.While some fintechs, such as PayPal, Intuit QuickBooks, and Square, are functioning similarly to big banks in that they're only accepting loan applications from current customers, others are accepting loans from anyone.\"Folks that have come to Funding Circle have never been to us before,\" says Ryan Metcalf, head of U.S. regulatory affairs and social impact at Funding Circle, itself a fintech. \"A majority of our borrowers have told us that they were turned away from their primary depository institution.\" Funding Circle, which the SBA approved as a lender shortly before the initial PPP funds ran out, has yet to process a loan. The company has instituted a 15% pay reduction for its full-time employees, a 60% pay reduction for part-time employees, and furloughed additional employees that will receive benefits but no salary. OnDeck has applied to become a lender for the Paycheck Protection Program (PPP), according to a post the company made on social media.
Both lending services are easy to apply for and have relatively lax borrower requirements, making these loans accessible to newer businesses and businesses with poor credit. That’s still substantially down from where it stood on February 20th at $4.22. While OnDeck is approved to operate as a PPP lender themselves, they have been acting as an agent of them in the interim and will dedicated their resources almost entirely to this endeavor. The company suspended share repurchases late February but maintains authorization to resume purchases at its sole discretion.This story will be updated as the information becomes available.The company’s stock had a somewhat minor rally on Wednesday, closing at $1.61. The company has not tripped any covenants or triggers with its own lenders as of yet but is currently in discussions with them on a path forward in this environment.The company fully utilized its initial $50 million share repurchase authorization in the first quarter of 2020. Funding Circle, which the SBA approved as a lender shortly before the initial PPP funds ran out, has yet to process a loan. The company has also suspended its pursuit of a bank charter. But the company has "thousands" in its queue, according to Metcalf. The following companies do not process SBA loans themselves. The online lender is one of the first to publicly announce an official entry for consideration since the application went live for fintech companies Wednesday evening. "Our technology allows us to verify high volumes of applications through automation," says Kathryn Petralia, president and co-founder of Kabbage. The company did not comment on its average wait time or how many loans it's processed. Alexander Tiktin, a bankruptcy, restructuring, and creditors rights attorney at Davidoff Hutcher & Citron, says that he's started advising clients to look to fintechs for funding. OnDeck CEO Noah Breslow said on […] The company anticipates that originations of its own products could contract by 80% or more in Q2.

OnDeck has suspended the funding of its Core loans and lines of credit to new or existing customers (unless the loan agreement has already been executed).

You can apply for a loan through them and they will package it and apply for a loan through a partner bank.The fintechs below have been approved by the SBA and you can apply for a loan through them directly.

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