MEDIA RELEASE: Aussie small business owners keen to buy stock, create jobs: survey
Announcement posted by OnDeck 01 Mar 2016
Aussie small business owners keen to buy stock, create jobs: survey
Survey reveals how small business would spend $50,000 windfall
SYDNEY, March 01, 2016 - Buying stock or equipment is the number one thing small business owners would do with a $50,000 cash injection, new research from MYOB and OnDeck has revealed.
OnDeck is a leading small business lender that has partnered with leading accounting software provider MYOB to shake up the business lending market. It says it’s already generating strong interest from owners who may not tick all the boxes for a conventional bank loan.
“Many owners don’t believe they would qualify for a business loan, especially if they don’t own a house to put up as collateral. But at OnDeck, we actually want to lend to small business, so we came up with a different way to decide if a business can repay their loan,” Cameron Poolman, chief executive officer of OnDeck Australia said.
OnDeck offers term loans of up to $150,000 over 6 to 24 months, in as little as one day. It uses cutting-edge technology to assess creditworthiness, based on actual operating performance of the business and not solely on the owner’s personal credit.
“OnDeck is evolving the business lending market, because the way we assess a business for credit is quite different to the traditional bank model. We can say yes more often when it comes to lending to small business,” Mr Poolman said.
The MYOB SME Snapshot polled 530 small-to-medium business owners and asked what they would do if given $50,000 to invest in their business. Thirty-four percent said they would purchase inventory or equipment, 30 percent would invest in marketing, advertising or PR, and 25 percent would hire more staff (see graphic below).
“The MYOB SME Snapshot shows a hunger among small businesses to boost the Aussie economy and employ more people, and we are keen to help them do that through fast, accessible business loans.
“It’s interesting to see that the top areas small business wants to invest in are economic multipliers, meaning that the loans we provide have a flow-on effect to sales and jobs in the broader market,” Mr Poolman said.
OnDeck has already lent more than US$4 billion to small business owners in the United States, with independent analysis showing the first $3 billion of loans created $11 billion in economic value. The local version of the service has been tailored for Australian business conditions.
“We know that small businesses are looking for quick and convenient ways to access capital for their short term needs. They value the availability, convenience and total cost of the loans that OnDeck can provide, and we are already seeing a strong response from customers,” Mr Poolman said.
Image: Results of MYOB SME Snapshot
About OnDeck Australia
OnDeck Australia is a technology-enabled small business lender 100% focused on giving small businesses on-demand access to working capital. Our vision is to power the growth of small business through credit and technology innovation. In Australia, OnDeck’s proprietary small business credit scoring system, the OnDeck Score®, incorporates hundreds of data points from dozens of sources. Using advanced technology and analytics, OnDeck Australia assesses creditworthiness on a business’ actual operating performance and not solely on the owner’s credit.
OnDeck Australia is backed by NYSE-listed OnDeck Capital Inc., which has delivered more than USD $4 billion in loans across the US and Canada since 2007. OnDeck entered the Australian market in 2015 with two market leaders as distribution partners: MYOB, a leading accounting software provider, and Commonwealth Bank of Australia, Australia’s largest bank. For more information, go to www.ondeck.com.au
About MYOB
MYOB Group Limited (ASX: MYO) is a leading provider of online business management solutions. It makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and in 2015 was awarded the BRW award for the most innovative large company for 500+ employees and placed 2nd in BRW’s Most Innovative Companies Award list across all categories nationally. For more information, visit http.investors.myob.com.au or follow @MYOB on Twitter.
Survey reveals how small business would spend $50,000 windfall
SYDNEY, March 01, 2016 - Buying stock or equipment is the number one thing small business owners would do with a $50,000 cash injection, new research from MYOB and OnDeck has revealed.
OnDeck is a leading small business lender that has partnered with leading accounting software provider MYOB to shake up the business lending market. It says it’s already generating strong interest from owners who may not tick all the boxes for a conventional bank loan.
“Many owners don’t believe they would qualify for a business loan, especially if they don’t own a house to put up as collateral. But at OnDeck, we actually want to lend to small business, so we came up with a different way to decide if a business can repay their loan,” Cameron Poolman, chief executive officer of OnDeck Australia said.
OnDeck offers term loans of up to $150,000 over 6 to 24 months, in as little as one day. It uses cutting-edge technology to assess creditworthiness, based on actual operating performance of the business and not solely on the owner’s personal credit.
“OnDeck is evolving the business lending market, because the way we assess a business for credit is quite different to the traditional bank model. We can say yes more often when it comes to lending to small business,” Mr Poolman said.
The MYOB SME Snapshot polled 530 small-to-medium business owners and asked what they would do if given $50,000 to invest in their business. Thirty-four percent said they would purchase inventory or equipment, 30 percent would invest in marketing, advertising or PR, and 25 percent would hire more staff (see graphic below).
“The MYOB SME Snapshot shows a hunger among small businesses to boost the Aussie economy and employ more people, and we are keen to help them do that through fast, accessible business loans.
“It’s interesting to see that the top areas small business wants to invest in are economic multipliers, meaning that the loans we provide have a flow-on effect to sales and jobs in the broader market,” Mr Poolman said.
OnDeck has already lent more than US$4 billion to small business owners in the United States, with independent analysis showing the first $3 billion of loans created $11 billion in economic value. The local version of the service has been tailored for Australian business conditions.
“We know that small businesses are looking for quick and convenient ways to access capital for their short term needs. They value the availability, convenience and total cost of the loans that OnDeck can provide, and we are already seeing a strong response from customers,” Mr Poolman said.
Image: Results of MYOB SME Snapshot
About OnDeck Australia
OnDeck Australia is a technology-enabled small business lender 100% focused on giving small businesses on-demand access to working capital. Our vision is to power the growth of small business through credit and technology innovation. In Australia, OnDeck’s proprietary small business credit scoring system, the OnDeck Score®, incorporates hundreds of data points from dozens of sources. Using advanced technology and analytics, OnDeck Australia assesses creditworthiness on a business’ actual operating performance and not solely on the owner’s credit.
OnDeck Australia is backed by NYSE-listed OnDeck Capital Inc., which has delivered more than USD $4 billion in loans across the US and Canada since 2007. OnDeck entered the Australian market in 2015 with two market leaders as distribution partners: MYOB, a leading accounting software provider, and Commonwealth Bank of Australia, Australia’s largest bank. For more information, go to www.ondeck.com.au
About MYOB
MYOB Group Limited (ASX: MYO) is a leading provider of online business management solutions. It makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and in 2015 was awarded the BRW award for the most innovative large company for 500+ employees and placed 2nd in BRW’s Most Innovative Companies Award list across all categories nationally. For more information, visit http.investors.myob.com.au or follow @MYOB on Twitter.