OnDeck Australia targets young and unsecured

OnDeck Australia targets young and unsecured By Shaun Drummond OnDeck Australia chief Cameron Poolman says there is a big opportunity for the new business lender to satisfy demand from emerging entrepreneurs who cannot offer up a home as security for a bank loan. Cameron Poolman, local chief executive of US online business lender OnDeck, says it wants to be a mainstream business lender, not just a small alternative.CREDIT:LOUIE DOUVIS The local arm of one of the biggest of the new online business lenders, OnDeck Capital, quietly began lending in Australia two weeks ago, seven months after establishing its third office outside the United States. In Australia, banks don't lend to small business without security – usually the family home. But Mr Poolman said apart from the existing 2.1 million small businesses, there is emerging demand from an increasingly entrepreneurial younger generation who have no home to offer as security. …
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