On Deck Capital Founder & CEO Mitch Jacobs Announced as a Finalist for the Ernst & Young Entrepreneur of the Year(R) Award 2010

NEW YORK, June 8 /PRNewswire/ -- Ernst & Young LLP has announced Mitch Jacobs Founder and CEO of leading small business technology platform On Deck Capital as a Finalist for the Ernst & Young Entrepreneur of the Year® Award 2010 in the Metro New York Area. Jacobs has been recognized for his work in fundamentally changing the way Main Street small businesses access working capital and grow their business.

This year's finalists were selected from high quality nominations drawn from a variety of industry sectors and cities across the Metro New York Area by a panel of regional business, academic and community leaders. According to Ernst & Young LLP, the awards program recognizes entrepreneurs who demonstrate extraordinary success in the areas of innovation, financial performance and personal commitment to their businesses and communities. Award winners will be honored and revealed at a gala event on June 15^, 2010 at the Marriott Marquis in New York City.

Through On Deck Capital's proprietary performance lending system, $60M in loans have been made to more than 2,000 Main Street small businesses.  On Deck's innovative technology platform has emerged as a viable solution to America's small business lending challenges.  The On Deck system provides the infrastructure needed to evaluate businesses based on electronic performance data rather than relying solely on the business owner's personal credit score.

"I am very proud to be among the finalists who through their innovation and determination demonstrate a strong will to improve the lives of others," said Jacobs. "Ernst & Young's recognition is a testament to the talent and experience of the On Deck team whose tireless work helps to drive the American growth engine; small businesses nationwide."

Past winners include Tom Adams of Rosetta Stone, Inc., David Liu of The Knot, Inc., and Timothy J. Leiweke of AEG.

For more information on Jacobs and On Deck Capital, please visit www.ondeckcapital.com.

About On Deck Capital

Launched in 2006, the On Deck Capital system uses data aggregation and electronic payment technology to offer fair and fast financing to small businesses underserved by traditional bank loans.  Through the On Deck Capital platform, millions of small businesses can obtain affordable loans to meet their daily operating and long term goals.  The company's proprietary platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner's personal credit history.  The On Deck Capital system also provides a critically needed efficient mechanism for institutional funds to directly reach historically fragmented and difficult to serve Main Street small businesses.  

On Deck Capital is financed by some of the nation's leading venture capital firms, including Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures. For more information, please visit: www.ondeckcapital.com.

About Ernst & Young's Entrepreneur Of The Year®

Ernst & Young's Entrepreneur Of The Year® is the world's most prestigious business award for entrepreneurs. The award makes a difference through the unique way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Ernst & Young Entrepreneur Of The Year® celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 135 cities in 50 countries.

SOURCE On Deck Capital