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Another Sign Your Next Small Business Loan Won’t Come From a Bank

Here’s more evidence of the growing market for alternative small business loans: OnDeck, an online lender that makes term loans up to $250,000, generated $65 million in revenue in 2013, Chief Executive Officer Noah Breslow said yesterday. He noted that’s up two and a half times from the year before. The increase comes after a report earlier this year estimating that nonbank lenders including OnDeck loaned about $3 billion to small business owners in 2013.

In a press release today, OnDeck said it received four times as many loan requests from residential construction contractors in 2013 compared with the year before, echoing research from Experian and Moody’s Analytics that’s highlighted a connection between rebounding housing markets and small business growth.