Intuit Investing in $100M Fund to Tackle Small Business Credit Crunch
May 04 2015 - 8:30AM
Business Wire
QuickBooks Financing Platform Offers Fast
Access to Low-cost Financing
Intuit Inc. (Nasdaq: INTU) 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.
To learn more, visit www.quickbooksfinancing.com.
About Intuit Inc.
Intuit Inc. creates business and financial management
solutions that simplify the business of life for small businesses,
consumers and accounting professionals.
Its flagship products and services
include QuickBooks®, Quicken® and TurboTax®, which
make it easier to manage small businesses and payroll
processing, personal finance, and tax preparation and
filing. Mint.com provides a fresh, easy and intelligent way
for people to manage their money, while Demandforce® offers
marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's leading tax preparation offerings
for professional accountants.
Founded in 1983, Intuit had revenue of $4.5 billion in its
fiscal year 2014. The company has approximately 8,000 employees
with major offices in the United States, Canada,
the United Kingdom, India and other locations. More
information can be found at www.intuit.com.
Intuit Inc.Sarah Voros, 650-944-4385sarah_voros@intuit.comorJen
GarciaAccess Communications415-828-2514jgarcia@accesspr.com
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