US-based lender Opus Bank has signed a marketing and referral deal with online lender OnDeck to facilitate lending to small businesses.
The deal will enable OnDeck to leverage Opus’ 58 retail banking office distribution located in major metro markets up and down the West Coast, while Opus will get access to OnDeck’s credit and funding platform.
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The deal will allow Opus Bank to offer solutions to small businesses that are looking for financing up to $500,000, including a range of term loans and credits.
Opus Bank founding chairman, CEO and president Stephen Gordon said: "This partnership enables Opus to further leverage and scale its strong market presence by offering small balance financing solutions that it was otherwise not able to efficiently accommodate and, in doing so, generate additional revenues while not using Opus’ balance sheet or capital."
"Opus is now better positioned to provide faster access to capital to those businesses where the availability of small balance financing has an outsized impact on their ability to expand, create new jobs, and succeed," Gordon added.
Opus Bank offers relationship-based banking products and services to its custonmers through its retail, commercial, merchant, and correspondent bank. As of 30 September 2015, the bank managed over $6.2bn in total assets, $5bn in total loans, and $4.9bn in total deposits.
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