On the TechTO stage ×1
First seen on the TechTO stage in 2017. Every talk is searchable — ask the archive about Gary ↗
In their words
We are in fact a leader in online small business lending since 2006, and we've lent over six billion in that time, in market across Canada, the US and most recently Australia. That's all we've ever been — about small business lending.
Here in this market, since 2014 we've delivered about 100 million dollars to small businesses, which I'm very proud of and excited about. What's important about that, for me at least, is the impact that that's having.
One of the things we pulled from our survey was the fact that 81% of our surveyed small business owners are optimistic about business growth heading into 2017.
Quick answers
Who is Gary Fearnall?
A Toronto revenue and partnerships operator. He is principal of Nxt Step Connections, his own practice since 2018, and before that opened and ran OnDeck's Canadian small business lending business as country manager from October 2015. He was a founding member and director of the Canadian Lenders Association.
What did he present at TechTO?
OnDeck's view of online small business lending in Canada, at FintechTO in February 2017. He described a model combining algorithmic risk scoring with human underwriting, hard cuts at one year in business and $100,000 in revenue, and loans typically in the $30,000 to $50,000 range.
What did he say the real obstacle was?
Cash flow, and the stigma around debt. He told the room that lack of cash flow was the most frequently cited obstacle to small business growth in OnDeck's survey, and that at trade shows he still met high reluctance among owners to discuss taking on debt at all — they read it as a pain point rather than an investment in growth.