OnDeck Shares Early Progress in Borrower Behavior

OnDeck shared a mid-quarter update to investors and the outlook isn’t as bleak as previously thought by many; OnDeck has focused on protecting liquidity and has suspended substantially all new originations; they are also amending credit facilities; at the beginning of the ciris the company held $121 million in cash and cash equivalents and in April maintained a balance in excess of $100 million; they cut expenses by about $10 million which was split between staffing costs as well as spending on items such as vendors, marketing etc; OnDeck shared some interesting data on the different verticals they lend into and also provided information on how they are looking at lending once they restart originations; like many lenders they offered their borrowers various forms of relief; 1+ day delinquencies doubled by the end of March but many small businesses are still making some form of payments; we share more details in our blog post. Lend Academy

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