OnDeck Australia Sees Significant Growth in Broker-Originated SME Loans

The lender also noted a 24% rise in loan volumes between October and November 2024, highlighting a positive trend in SME borrowing as the year concluded. This uptick was observed across various sectors, including manufacturing, health services, transport, and trade, indicating a broad-based demand for business financing.

In addition to the surge in loan originations, OnDeck has made significant strides in improving its approval times. The average approval time for Lightning Loans applications-up to $175,000-submitted via brokers in the second half of 2024 was reduced to 63.6 minutes. This represents a 64-minute improvement compared to the previous year, effectively halving the approval time and demonstrating OnDeck's commitment to providing swift financial solutions to SMEs.

Looking ahead, OnDeck anticipates that easing inflation and potential lower interest rates in 2025 will present brokers with expanded opportunities in small business lending. SMEs that invest in their productivity today are expected to gain a competitive advantage in the coming year.

For small business owners seeking quick and flexible financing options, this development highlights the importance of exploring broker-originated loans as a viable solution to meet their financial needs.