Intuit Inc is investing in a new USD100 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 per cent acceptance rate. To date, small businesses have secured more than USD150 million in credit through QuickBooks Financing.
“This fund solves the short-term credit crunch by giving small business faster access to lower-rate loans,” says 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.”
