NEW YORK, Jan. 8, 2018 /PRNewswire/ -- OnDeck®
(NYSE: ONDK), the leader in online lending to small business, today
announced that digital agency Majestyk Apps, led by Marine Corps
veteran Donald Coolidge, has been
selected as the OnDeck Small Business of the Month for January 2018.
Coolidge founded Majestyk Apps in 2012 following more than 8
years in the Marines Corps Reserves, with time served in
Africa and Iraq. Under his leadership, the New York City-based agency provides an
incubator-like experience that helps established brands and
entrepreneurs design, develop, and scale their businesses using new
mobile, digital and artificial intelligence technologies.
The scale and capabilities of Majestyk Apps today were just a
dream for Coolidge when he first launched the company. In the early
days, Coolidge built and marketed small apps on a tiny budget to a
few clients. As the company grew, he began adding services and
engaging with larger brands. Soon Majestyk Apps reached a critical
inflection point.
"We were growing fast and needed to take our business to the
next level. We had bids in front of two major prospective clients
and we needed to scale our resources quickly to meet their
requirements," says Coolidge. "We applied to various banks for
financing, but were turned down because we were a young business
without a credit history. We were however, profitable."
Coolidge turned to OnDeck. He applied online for financing in
2014 and was quickly approved for $30,000 in capital. Coolidge had the necessary
funds from OnDeck in his business account the next day.
"Thanks to OnDeck, we won the two bids and those large companies
became clients. Majestyk Apps saw an immediate 50% growth in
revenue over the year we worked with OnDeck and that has continued
to accelerate," says Coolidge. "Our headcount doubled as we took on
more big name projects, largely because we now had the resources to
invest in and win those deals. OnDeck was able to provide the
necessary growth capital when banks and other lenders would
not."
In 2015, Coolidge subsequently applied for and was approved for
a second OnDeck loan in the amount of $35,000.
Today, Majestyk Apps is one of the fastest-growing digital
technology agencies in New York
and Coolidge's team has designed and launched products for several
Fortune 500 companies. In 2015, the company's Artificial
Intelligence (AI) spinout, CogniToys, won a Time Magazine Best
Invention of the Year and was tabbed as the "Best Use of A.I. in
Education" by the coveted A.I. Awards. For more information on
Majestyk Apps, visit their website at: http://majestykapps.com/
"In a world dominated by big, well known technology players,
Donald used his Marine Corps background, technology expertise and
fierce determination to help his business break through," says
Andrea Gellert, Chief Revenue
Officer, OnDeck. "OnDeck is proud to have provided a military
veteran and business visionary like Donald with the capital needed
to help turn his dream into a reality."
Since its inception in 2007, OnDeck has provided more than
$604 million in capital to small
businesses in New York State. In
New York City alone, the company
has lent more than $278 million to
small business owners. Overall, OnDeck is the leading online small
business lender with more than $8
billion in capital provided to more than 80,000 customers in
700 different industries across the
United States, Canada and
Australia.
The Small Business Spotlight series from OnDeck is designed to
reinforce the vital importance of America's small business owners.
Every month, OnDeck spotlights the achievements of its small
business customers and how they are thriving as a result of
receiving capital from OnDeck. To learn more, visit
http://www.ondeck.com/smallbusinessspotlight
About OnDeck
OnDeck (NYSE: ONDK) is the leader in online small business
lending. Since 2007, the company has powered Main Street's growth
through advanced lending technology and a constant dedication to
customer service. OnDeck's proprietary credit scoring system – the
OnDeck Score® – leverages advanced analytics, enabling OnDeck to
make real-time lending decisions and deliver capital to small
businesses in as little as 24 hours. OnDeck offers business owners
a complete financing solution, including the online lending
industry's widest range of term loans and lines of credit. To date,
the company has deployed over $8
billion to more than 80,000 customers in 700 different
industries across the United
States, Canada and
Australia. For more information,
please visit www.ondeck.com.
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SOURCE On Deck Capital, Inc.