On Deck Capital Announces Strategic Alliance With Promontory Interfinancial Network

Deal Brings Finance Solution to Main Street USA via One of the Largest Banking Networks in the Country

NEW YORK, Nov. 17 /PRNewswire/ -- On Deck Capital (www.ondeckcapital.com), which offers small business financing solutions, announced today that it has teamed with an affiliate of Promontory Interfinancial Network (Promontory) to provide local small businesses with a fair, alternative financing option - the Proceed(SM) Business Loan - through a network of thousands of community banks. The alliance combines Promontory's industry-leading banking experience and 2,700 member institutions with On Deck's patent-pending loan technology platform.

The Proceed Business Loan is a small business loan offered to banks exclusively through Promontory for marketing to bank customers. Small businesses that have not met traditional bank lending criteria in the past may, for the first time, get the funding they need through a risk-adjusted, fixed-rate, fixed-term Proceed loan of up to $100,000.

The Proceed Business Loan has been designed and developed to complement existing bank products. The Proceed Business Loan leverages On Deck's daily collection platform, creating a reliable payment and daily reporting system. Banks will qualify and refer customers to the Proceed Business Loan. The loans will then be underwritten, funded, and serviced through the On Deck platform.

"Our ability to provide much needed capital to small business owners during these difficult economic times has never been more crucial, and reaching them at the local level is a key component of our overall business strategy," stated Mitch Jacobs, chief executive officer, On Deck Capital. "Partnering with Promontory creates an unprecedented opportunity to work with longstanding leaders of the banking community, while giving us national scale through their impressive banking network."

Promontory also brings its national marketing, sales and support structure to the launch of this new finance solution. Proceed Business Loan lending decisions - made within a few days - are based on proprietary scoring models that focus on verifiable, customer-based cash flow and other factors, rather than the personal credit history of the business owner. To be eligible for a Proceed Business Loan, a small business must be in operation for at least one year.

According to the U.S. Small Business Administration, small businesses have generated between 60 percent and 80 percent of net new jobs annually over the last decade, yet available capital to sustain and grow this sector has all but dried up. In August 2008, 67% of small-business owners said they'd been affected by the credit crunch, compared with 55% in February, according to surveys by the National Small Business Association.

"The Proceed Business Loan is another opportunity for banks to strengthen their relationship with small businesses and to provide that sector with needed funding in this challenging environment," said Mark Jacobsen, president and chief operating officer, Promontory Interfinancial Network. "We're pleased to team with On Deck in offering our members this innovative service."

For more information on this new alliance or general information on On Deck, please visit www.ondeckcapital.com.

For more information about the Proceed Business Loan, please visit www.promnetwork.com.

About Promontory Interfinancial Network:

Based in Arlington, VA, Promontory Interfinancial Network was founded in 2002 by leading figures in the banking industry to develop and provide creative solutions to issues confronting bank management. To learn more about Promontory, go to www.promnetwork.com.

About On Deck

On Deck Capital offers fair and fast financing to small businesses that do not meet traditional bank lending criteria. Through the company's network, millions of small businesses can obtain affordable loans to meet their daily operating and long term goals. The company's proprietary underwriting and loan processing platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner's personal credit history. On Deck Capital is making financial history by enabling institutional funds to directly reach Main Street for the first time.

On Deck Capital is financed by some of the nation's leading venture capital firms, including Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures. For more information, please visit: www.ondeckcapital.com.