Online lenders are becoming more popular with small business owners who need quick, dependable money. ICG Funding and OnDeck are two names that come up a lot. Both programs want to help small businesses, but they are very different in terms of how flexible they are, what kinds of businesses they work best with, and how they decide who to help. Below is a clear comparison of the two lenders so you can choose the one that best fits your needs.
A Look at ICG Funding and OnDeck
Funding from ICG
ICG Funding is a direct lender that focuses on quick, flexible, and industry-specific solutions. It is well-known for same-day funding and tailored programs for industries that banks often ignore, like construction, trucking, retail, hospitality, and service-based businesses. ICG Funding doesn’t offer a one-size-fits-all loan; instead, they customize their capital structures to fit a business’s cash flow and day-to-day operations.
OnDeck
OnDeck is a well-known online lender for small businesses that works all over the country. It is best known for its term loans and revolving lines of credit, which have a simple online application process and faster funding than banks. OnDeck usually follows more standard rules and products for underwriting.
A Comparison of Loan Products and Terms
ICG Funding
- Minimum time in business: 6+ months
- Credit score: ~500+ FICO
- Approval time: often within hours
- Funding speed: same day in many cases
- Strong niche focus on industries like construction and trucking, where revenue can be uneven but substantial
OnDeck
- Minimum time in business: typically 1+ year
- Credit score: usually ~600+ FICO
- Approval time: same day or next day
- Funding speed: generally 1–2 business days
- More conservative with startups or very low-credit profiles
In short, ICG Funding focuses on flexible and cash-flow-based structures, while OnDeck offers more traditional, standardized loan products with clearer interest-rate information.
Criteria for Approval and Speed
Funding for ICG
- Minimum time in business: 6 months or more
- FICO score: about 500 or higher
- Time to get approval: usually within hours
- Speed of funding: same day in many cases
- Strong niche focus on industries like trucking and construction, where sales can be inconsistent but big
OnDeck
- Minimum time in business: usually at least one year
- Credit score: usually 600 or higher on the FICO scale
- Time to get approval: same day or next day
- Funding speed: usually one to two business days
- More careful with new businesses or people with very bad credit
In short, ICG Funding is the best choice if speed and flexible requirements are the most important things to you. OnDeck is a better choice for businesses that have been around longer and have better credit.
The Good and Bad Points of Each
ICG Funding: The Good
- A personalized, consultative approach
- Programs for specific industries, like trucking, construction, and contracting
- Ways to get money the same day
- Works with businesses that are newer and have lower credit scores
ICG Funding: The Bad Things
- Does not provide personal loan
OnDeck: Good Things
- Brand that is well-known and well-established
- Clear pricing structure
- Can help you get credit for your business
- A clean, digital application process
OnDeck: Cons
- Not as flexible for businesses with bad credit or that are new
- The money may not be available right away
- Short-term loans can have high interest rates
What Is Best for Your Business?
ICG Funding may be a better choice for you if you’ve had trouble with traditional lenders, work in fields like construction or trucking, or need money quickly with flexible approval requirements.
OnDeck is a good choice if you have good credit, have been in business for at least a year, and want a more traditional online loan or line of credit.
That said, a lot of business owners choose to get a quote from ICG Funding first because it is flexible and willing to structure funding around real-world cash flow, not just credit scores.
In Conclusion, Work With the Best Partner
Both ICG Funding and OnDeck are meant to help small businesses, but they help different types of businesses. The best choice for you will depend on how strong your credit is, what industry you’re in, how quickly you need the money, and whether you prefer flexibility or standardization.
If you want a fast, personalized service and a lender who knows your industry, ICG Funding might be a good next step for you. Getting a personalized quote can show you what’s possible, especially when standard options don’t work.
