On December 15, 2017, OnDeck introduced the BlackRock-managed fund as the Class B lender under OnDeck’s existing asset-backed, revolving credit facility with SunTrust Bank. As a result, OnDeck increased the facility’s borrowing capacity to approximately $120 million. SunTrust Bank, the Class A lender under the facility, will act as the administrative agent for both the Class A and Class B lenders.
“We are delighted to welcome this new source of capital to OnDeck’s platform of financing partners which supports our commitment to empowering the growth of small businesses,” said Ron Elimelekh, head of Capital Markets, OnDeck. “This transaction demonstrates OnDeck’s continued success in forging important new relationships, diversifying funding sources, and efficiently paving the way for future loan growth.”
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!