Kingston Collision Tapped as OnDeck’s Small Business of the Month
"In crossing over from the insurance adjuster side to owning my own auto repair business, the best thing I had going for me was 20 years of industry experience and local vendors willing to extend me credit thanks to a good reputation," said David. "The other thing I had going for me was my family and their willingness to step in and become an integral part of the business."
Over the years,
"Our shop encountered what many repair shops are faced with today. The auto insurance industry can be notoriously slow in releasing funds on claims, which places the burden on repair shops to lay out their cash up front. That's a real problem for a small business owner," said David.
Facing a funding dilemma, David began searching online for a reputable lender to help him meet the shortfall until the insurance companies released the funds on dozens of outstanding claims. In July of 2017, he found OnDeck.
"OnDeck was there for me in a challenging time. When my business faced an immediate cash flow crunch, banks were not an option because they can take weeks, even months to fund a small business," said David. "I have responsibility for payroll for ten employees with families. OnDeck seemed to sense that urgency, because they were fast and transparent. I got the answers I needed right away and once approved, I was funded within days."
David used the financing from OnDeck to purchase parts and inventory for customer repairs and to stay ahead of the insurance claims funding cycle. Today,
"OnDeck has been an excellent funding option for my small business," said David. "My biggest goal now is to make an easy transition of ownership to my son in the coming years, so he can have the opportunity to enjoy the same success I have had."
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To date, OnDeck has provided more than
The monthly Small Business Spotlight series from OnDeck is designed to highlight and reinforce the vital importance of small businesses. Every month, OnDeck spotlights the achievements of its small business customers and how they are thriving as a result of receiving capital from OnDeck.
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