NEW YORK April 30, 2012 www.ondeckcapital.com Mitch Jacobs
The "One in Three" initiative is rallying non-profit community lenders and business service providers to more efficiently serve even the smallest borrower. The current U.S. financial system lacks the infrastructure and technology to effectively serve microbusinesses (companies with five or fewer employees). Microbusinesses make up almost 90 percent of the nation’s businesses and statistics show that if one in three microbusinesses hired an additional employee, the U.S. would be at full employment.
AEO will announce the new initiative on Wednesday at its national conference, "The Power of Microbusiness."
The New Frontier of Credit: How Technology Can Improve Access to Capital
James Gutierrez Matt Harris Renaud Laplanche Douglas Merrill Chris Reilly
Jacobs is a serial entrepreneur committed to serving Main Street business owners since the launch of his first company in 1993, while still in college. In 2007 he launched On Deck to create a more efficient system to deliver capital to small businesses nationwide. In his current role as co-chairman of the "One in Three" leadership council, Jacobs stated that he remains "committed to serving the small business population, the lifeline of our economy, which will drive the nation’s economic rebound."
About On Deck
Launched in 2007, On Deck Capital uses data aggregation and electronic payment technology to evaluate the financial health of small businesses and to efficiently deliver capital to a market underserved by traditional bank loans. Through the On Deck Capital platform, millions of small businesses can obtain affordable loans to meet their daily operating and long term goals. The company’s proprietary platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner’s personal credit history. The On Deck system also provides a critically needed mechanism for commercial institutions to efficiently reach and serve the historically underserved Main Street small businesses market.
the United States www.aeoworks.org
SOURCE On Deck