DENVER (AP/CBS4) - Small business lender On Deck Capital is expanding into the Rocky Mountain region.
The New York-based company announced the opening of a new regional office in Denver on Tuesday. Sixteen people have already been hired and the company plans to have over 200 employees in the Mile High City over the next two years. The pay will average $63,000 a year.
CEO Noah Breslow said the company is responding to demand in the Mountain and Pacific time zones. It picked Denver over Phoenix and Salt Lake City in part because of its high concentration of high-tech workers.
On Deck says it uses technology to take a close look at a business's health, rather than just the owner's credit history, in making loans and can get businesses money faster than traditional lenders.
Besides bringing new jobs, the expansion of On Deck is also good news for small businesses in Colorado and the West. At the announcement On Deck's CEO said that to date, the company has provided several million dollars to businesses across Colorado.
The regional office is set to be built in Denver. Mayor Michael Hancock and Gov. John Hickenlooper called the move and economic development win.
"We're excited to have another important funding tool available to help out local small businesses and the community grow," Hancock said. "Denver is the number three city nationwide for small business vitality."
Approximately 80 percent of the businesses in the Denver area are considered small businesses.
Those interested in jobs at On Deck Capital should visit OnDeckCapital.com.
LINK: Official News Release
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