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OnDeck Australia launches free credit score service for small business

Announcement posted by OnDeck 19 Aug 2016

SYDNEY, August 16, 2016 – Small businesses weighing up their options for funding can now access a free credit score, with the launch of Know Your Score by OnDeck Australia.
 
The service, which is 100 percent online and free, will give small business owners access to a clearer picture of their financial situation and eligibility for a business loan.
 
“OnDeck Australia has talked to thousands of small business owners since launching in Australia this year, and what we see time and again is a lack of awareness about the funding options available to them.”
 
“Many businesses don’t realise that they already have a credit score which is used by lenders such as OnDeck. Once they know this information, the business owner has a much clearer picture of the financing options available to help grow their business,” said Cameron Poolman, CEO of OnDeck Australia.    
 
The business credit score is a key indicator used for assessing credit or loan applications. OnDeck says being aware of this score will help small businesses make informed financial decisions.
“Some business owners think that getting a loan is in the ‘too-hard basket’. They aren’t sure of their chances and see the process as onerous and time consuming – and it certainly can be with traditional bank lending. But OnDeck uses technology to assess loan applications in as little as one day, so it’s actually much easier and more accessible than many people assume,” Mr Poolman said.
 
“Gaining clarity about their business credit score is an important step in the planning process for businesses looking to grow, and Know Your Score will now make it easier, faster and more accessible for business owners to understand their borrowing options,” Mr Poolman said.
 
Small business owner Alison Dean said she was pleasantly surprised by her positive business credit score. Her business, The High Tea Party, has operated for ten years, and holds six events throughout the year across Australia and New Zealand, which can make cashflow a challenge.
 
“We have thousands of ladies attend each event over a two-day period, and so there are lots of upfront costs for marketing, freight, venues and suppliers. While we generally cover this through careful cashflow management, it’s great to know there are other options that could take the pressure off in the future,” Ms Dean said.
 
She said applying through the Know Your Score website was easy and fast.
 
“I work from home and fit a full-time week in around my husband and three kids, so I don’t have time to be visiting banks, digging around for paperwork or anything like that. I used Know Your Score on my mobile phone, it took me less than two minutes and I got the score straight away. It was a positive score too!
 
“I don’t know if I will apply for a loan yet – but I like having the option in my back pocket, so to speak. As they say, knowledge is power,” said Ms Dean.
 
The data for the Know Your Score website is provided by credit bureau Veda. To apply, small businesses simply enter their details and receive the free credit score as soon as the application has been submitted.
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Media Contact:
Belinda White
Honner, Sydney
+61 (0) 2 8248 3750
+61 (0) 421 193 668
belinda@honner.com.au
 
 
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. For more information please visit www.ondeck.com.au