5 Tips to Improve Your OnDeck Renewal Experience
If you have an OnDeck Term Loan and think you may need more funds down the road, you may be asking:
“What can I do now to maximize my renewal opportunities with OnDeck?”
We understand that small businesses face ongoing financing needs, whether it’s to fuel growth with a new investment or fund periodic purchases.
When your business is ready, we’re here to help you prepare for the OnDeck renewal process. We’ve put together a list of best practices you can get started on today. These tips for planning ahead should save you time, give you a little peace of mind, and make for a better renewal experience overall.
Take a look at our Renewal Checklist below to learn about the 5 things you can do to set your business up for future success. As always, please reach out to your dedicated Account Manager if you have any questions about your financing options with OnDeck.
1. Financing from non-bank lenders may disqualify you from renewing with OnDeck
Taking on additional short-term financing from other lenders may disqualify you from renewing your current loan. This includes most alternative lending products such as merchant cash advances and short-term loans or credit lines with daily or weekly payments. Long-term traditional bank loans and bank lines of credit typically do not affect your renewal eligibility. Not sure what types of financing are ok? Your Account Manager can walk you through the options.
2. Be in Good Standing with your Secretary of State
Businesses are required to file an annual report with the Secretary of State’s Office. This proves that your business has met compliance requirements and is authorized to conduct business in the state. When your filing is in order and you’ve paid all required fees, your business is considered “active” and in Good Standing. To check your entity status – especially if you’ve undergone changes to the corporation or LLC/LLP, business address, or DBA name – visit your Secretary of State’s website to access its online report filing system.
3. Complete your tax filings
Tax returns and extensions allow lenders like OnDeck to verify business information like ownership percentage, financials, and Secretary of State. To speed up the application process and receive funding in a timely manner, it’s recommend that your federal and business taxes are filed on time. It’s also helpful to keep a copy of your return accessible.
4. Review your payment history
Making on-time payments are a positive reflection of your overall credit profile. More than two missed payments per month, or five errors due to insufficient funds per month, will impact your renewal eligibility. Given that business owners may be utilizing several bank accounts at a time, it’s a good idea to monitor or set up alerts for your bank account on file with OnDeck.
5. Minimum of 5 monthly deposits
Understanding your businesses’ monthly deposit activity gives lenders a better sense of cash flow and sales patterns. A good rule of thumb is to be able to show at least five deposits to your bank account per month. Keep in mind that for three months of bank statements, this means at least fifteen deposits.