OnDeck reported Q1/20 results.
Q1/20 Highlights:
“In the span of several weeks, the spread of COVID-19 led to government-mandated lock downs for small businesses both in the US and globally, placing our customers under unprecedented economic stress,” said Noah Breslow, chief executive officer. “After a successful and rapid transition to remote work, we effected immediate changes to our business to preserve liquidity, support our customer base, manage our loan portfolio and reduce costs. With an uncertain timetable for the reopening of the economy, and the effectiveness of government stimulus for small businesses unclear, we will be reducing debt balances in the second quarter and focusing on managing our portfolio, delivering government stimulus to our customer base and ensuring the company has the runway to scale operations again when the economy reopens.”
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