OnDeck’s New Marketing Channel: AccountantsJune 27, 2016 | By: Srividya Kalyanaraman
What if accountants replaced loan brokers?
OnDeck has been on it. The New York-based online lending company unveiled a new medium of reaching potential borrowers. Through its ‘Accountant Advisor Program,’ launched in March this year, the lender wants to reach small businesses through accountants, bookkeepers and CPAs.
OnDeck is rolling out the program in Kentucky, Florida and Alabama and recruiting accountants in these states to refer their clients to OnDeck. What do they get in exchange? They can either choose to get a revenue share of 5 percent of the total loan volume, or have OnDeck give the small business a 2 percent discount on the loan cost for loans of up to $500,000 with terms of 3 to 36 months and lines of credit ranging from $6,000 to $100,000.
“We’ve put this program together, realizing that the accountant community is the most trusted advisor to small business,” said Frank Orofino, director of the OnDeck Accountant Advisor Program was quoted as saying.
The company isn’t shaken by the troubled environs of online lending. Earlier this month, (June 16th), the company expanded its operation in Denver buying a bigger office space and hiring staff along side forging new partnerships.
“I think it’s a smart idea to partner with CPAs,” said Justin Benton who runs Lenders Marketing, a lead generation site for loans. “These are people who are helping with taxes and investments. They are going straight to the horse’s mouth,”
Will this new channel yield results?Last modified: June 27, 2016
Srividya's work has appeared in publications like Money magazine, Advertising Age, FirstPost and The Economic Times. She has also dabbled in business intelligence solutions, and holds a Masters degree in Business and Economic Reporting from NYU.