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ONDECK

Bar & Restaurant Business Loans



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OnDeck Capital started in 2007 and has since grown to one of the largest online small business loan originators, with over 6 billion in processed loans. One of the major advantages of OnDeck is they use a metric of information to base approval decisions and do not rely solely on the borrowers credit standing. This has allowed OnDeck to approve more successful small business loans and help restaurants and bars get the funding they need for inventory purchases, equipment financing, hiring, expansion, and to even cover general business expenses to keep cash flow managed. OnDeck focuses on small businesses and has become an expert lender in the restaurant and bar industry. They offer two main loan or financing options, terms loans up to $500,000 and business lines of credit up to $100,000. OnDeck's loan options do require 1 year of business history and a minimum of $100,000 a year in gross annual revenues, so they currently do not have loan options for start-ups. The application through approval process is extremely easy and fast, with funding being allocated to your account in as little as 1 business day. One of the great things we really like about OnDeck is there ongoing commitment to the businesses they lend to, and also their financial consulting before and during the loan process to make sure you get the type of loan you need.

OnDeck
Highlights
» Short and long term payback loan options
» Options for lines of credit up to $100,000
» Minimum of one year in business required
» Minimum of $100,000 annual revenue needed
» Easy approval process with fast funding
» Dedicated account advisor for loan support
» Online or app account management portal
» Discounts for subsequent business loans
» Over 6 billion in successful loans funded
» Experts in restaurant and bar business loans

TERMS: OnDeck offers two main loan options for your restaurant or bar: standard term loans up to $500,000 with a repayment timeframe of 3 - 36 months, and business lines of credit up to $100,000 with only paying interest on the amount you have drawn. Loan requirements include 1 year in business and $100,000 of revenue in the last 12 months, plus the business owner must have a minimum credit score of 500, which is a very reasonable credit term.

TERM LOANS:
Amount: Up to $500,000
Interest Rate: Starts at 9.99% and up
Fees: One-time origination fee of 2.5% - 4% of loan amount
LINES OF CREDIT:
Amount: Up to $100,000
Interest Rate: Starts at 13.99% and up
Fees: Maintenance fee $20/month (waived with $5,000 initial draw)

OVERALL: OnDeck is a great option for a small business loan or line of credit if you are already in business and meet their minimum requirements. They are much easier to get approved with and faster than the traditional banking route for restaurant and bar loans. Their loan terms are very reasonable and fall slightly below the industry standard, which can save you some money especially in the longer term loan repayment plans. The biggest negative, well mainly the only negative that we found with OnDeck Capital is not having any options for start-up loans, however for currently operating establishments they are a good lending partner to have.



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