The New York State Restaurant Association (NYSRA) announced today that it has partnered with On Deck to offer financing solutions to the hospitality industry across New York State.
“Restaurateurs have historically faced challenges accessing capital, which is why we’re so excited about our partnership with On Deck,” says Rick Sampson, New York State Restaurant Association president and CEO. “We’re thrilled to be working with a New York-based company to deliver financing to our members. On Deck offers restaurant owners a new way to quickly access the financing they need to expand their businesses, hire new employees, and purchase new equipment.”
On Deck uses technology to efficiently analyze the true health of small businesses and deliver financing in a fraction of the time and with higher approval rates than traditional lenders. The company has loaned over $450 million dollars to restaurants and other businesses nationwide since 2007, and was recently named to the Inc. 500 list of the fastest growing companies in the United States.
“Restaurants have traditionally been forced to choose between banks with their mountains of paperwork and low approval rates and high-interest rate merchant cash advances that don’t build business credit,” says James Hobson, chief operating officer, On Deck. “We’re excited to use our technology to offer NYSRA members a better option– higher approval rates, a fast and simple funding process, and real business loans that help build business credit.”
