OnDeck gets commitments for more than $130 million credit facilities

By Susanna Moon

Chicago, Sept. 16 - OnDeck said it received funding commitments for more than $130 million of credit facilities from Deutsche Bank, Key Bank and Square 1 Bank.

OnDeck has now raised nearly $300 million from equity and debt financing in the past 12 months from firms such as Google Ventures, Institutional Venture Partners and a $100 million lending syndicate led by Goldman Sachs in 2012, according to a company press release.

The facilities allow OnDeck to deploy more funding and develop more flexible financing options to meet the rapidly expanding demand small businesses have for working capital, the company said.

OnDeck is a New York-based company that uses data aggregation and electronic payment technology to provide capital to small and medium sized businesses.

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