Accounting
Intuit Announces New QuickBooks Financing Platform – Invests in $100M Loan Fund for Small Businesses
Intuit is investing in a new $100 million fund that will let small businesses use their QuickBooks Online data to access low-rate loan offers. The fund will include investment from Intuit and third parties.
May. 05, 2015
Intuit Inc., the maker of QuickBooks, TurboTax and professional accounting technologies, is investing in a new $100 million fund that will let small businesses use their QuickBooks Online data to access low-rate loan offers. The fund will include investment from Intuit and third parties. The fund will be available on the QuickBooks Financing platform, a marketplace of small business finance products. It will deliver:
- Lower rates – Provides small businesses with lower rates than are usually available for short-terms loans, such as credit cards.
- Easier application – Eliminates stacks of paperwork; a few clicks lets small business owners complete the application and find a loan that works for them.
- Faster delivery – Shortens the loan process time from weeks to as a little as one business day.
Intuit data shows that 60 percent of QuickBooks customers have been denied loans for reasons such as low FICO credit scores. By contrast, targeted campaigns on the QuickBooks Financing platform have seen a 70 percent acceptance rate. To date, small businesses have secured more than $150 million in credit through QuickBooks Financing.
“This fund solves the short-term credit crunch by giving small business faster access to lower-rate loans,” said Dan Wernikoff, senior vice president and general manager of Intuit’s Small Business Group. “QuickBooks Financing makes it is easy for small businesses to access tailor-made solutions without having to complete paperwork or negotiate with lenders. With the click of a button, small businesses can use the power of their own QuickBooks data to get the financing they need to take their business to the next level.”
QuickBooks Financing Platform
QuickBooks Financing is a marketplace of small business finance products covering the full spectrum of credit offerings including, short and long term loans, lines of credit, peer-to-peer loans and Small Business Administration loans. Available in the coming months, the newly established fund will let small businesses use their QuickBooks Online data to effortlessly access loan offers, including pre-approvals, from a set of financial partners vetted by Intuit.
More information is available at www.quickbooksfinancing.com.