The updated loan structure offers two primary options for SMEs:
- Lightning Loans: Up to $200,000 approved in minutes, requiring only six months of bank statements and credit checks.
- Lightning Loans Plus: Up to $250,000 approved within hours, necessitating six months of bank statements, credit checks, and either Australian Taxation Office (ATO) information or accountant-prepared financials for the previous 12 months.
Recent data from OnDeck indicates a significant 42% year-on-year increase in SME loan applications during the fourth quarter of 2025. Notably, 34% of these applications were aimed at business expansion, highlighting a shift from survival-focused borrowing to growth-oriented financing. Western Australia, Queensland, and New South Wales have been at the forefront of this surge in growth-focused borrowing.
Cameron Poolman, CEO of OnDeck Australia, attributed this development to continuous innovations in the company's credit decisioning processes. These advancements have enabled the approval of larger loan amounts swiftly, using minimal documentation. Poolman emphasized that this move is designed to remove friction for brokers and provide small businesses with timely access to funds when they are ready to act.
For brokers, the enhanced Lightning Loans and Lightning Loans Plus products position OnDeck as a fast and flexible funding partner. These offerings can complement traditional bank, asset finance, and mortgage solutions, catering to the increasing demand for SME growth capital.
In summary, OnDeck Australia's decision to raise the Lightning Loan cap reflects a broader trend of SMEs seeking expedited and substantial funding solutions. This initiative is poised to support the evolving needs of small businesses, enabling them to seize growth opportunities more effectively.
