Automation push targets faster repeat funding for small businesses
Online small business lender OnDeck Australia has increased the maximum amount available under its Lightning Loans Plus product to $300,000 and introduced Instant Renewals, which provides eligible customers with an immediate credit decision on renewals of up to $60,000.
The changes follow an earlier adjustment to OnDeck’s Lightning Loans product, with the lender having increased the limit from $175,000 to $200,000 in recent weeks.
“Our focus is on using automation and data to remove friction from the borrowing process and deliver a more consumer-like experience for small businesses,” said Cameron Poolman (pictured top), chief executive of OnDeck Australia.
“Over the past two years, we’ve reduced approval times for loans under $200,000 from around six hours to just 12 minutes. That’s a significant shift, and we’re continuing to invest in technology to make access to funding more seamless.”
“With that investment, we’ll keep rolling out features that improve speed and convenience. Many of our customers return for additional funding, and we now offer instant renewals for eligible customers.”
OnDeck said demand has risen, with February 2026 recorded as its largest month to date. It reported loan applications were up 120% year on year, with the strongest growth in Western Australia (up 200%) and Queensland (up 150%).
The lender said the leading reason businesses sought funding in February was expansion (30%). It was followed by inventory and stock purchases (18.3%) and equipment purchases (12.7%).
“Small businesses operate in real time, and waiting days or weeks for funding is often not an option,” Poolman said. “By lifting the limits on our Lightning Loans Plus product to $300,000, we are able to help more businesses go after growth opportunities as they arise.”
OnDeck said the updated suite includes Lightning Loans (unsecured up to $200,000, with a decision in minutes and no paperwork beyond digital bank statements and credit checks), Lightning Loans Plus (unsecured up to $300,000, with decisions in hours and supporting information including digital bank statements, credit checks and ATO information or accountant-prepared financials), and Instant Renewals (up to $60,000 with instant decisions for eligible existing customers).
“We recognise that brokers play a critical role in small business funding,”Poolman said. “OnDeck is proud to partner with our brokers to help Australia’s small businesses reach their full potential by enabling efficient access to finance.”
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