Intuit LoansThe Intuit Loan
Said Sally Revell, UK Intuit UK Operations Manager: "Small companies are the life nerve of our economies and StartUp loans is a great way to give individuals easy entry to the crucial finance they need to get their companies off the ground, but it is important that they also get the right schemes to help them stay afloat and thrive.
Intuit Desk and OnDeck Start 100 Million Dollar Small Business Loan Endowment Funds
The Intuit Inc. OnDeck ( "ONDK"), a premier small enterprise lending technology provider, today announced that INTU has partnered with OnDeck ("ONDK") to introduce the new QuickBooks Finance Line of Credit to accelerate credit availability for small enterprises. With this unique finance option, small companies can use their QuickBooks online information to request loans at the touch of a simple key.
The Intuit and OnDeck will create a new $100 million small company loan trust to support the new offering. QuickBooks Finance Line of credit will be based on Intuit's client information and will utilize OnDeck's industry-leading technologies. Developed to provide a better financial expertise for small incumbent companies with large loans.
One of the company's key products is the Accelerated Financing - Loans are financed as quickly as a working week, drastically reducing a traditional week-long banking cycle. Small businesses can close the credit request with just a few mouse clicks thanks to the smooth interaction between QuickBooks and OnDeck.
Flexibility - The credit line will help small companies meet their working capitals needs and give them the assurance that they have their own funding. The new and expanded offer will build on an already fruitful relationship between Intuit and OnDeck. OnDeck has been the leading financial services company on the QuickBooks financial services portal since 2013.
Because of the challenge of the small companies' conventional system of finance, small companies are turning to on-line creditors in unprecedented numbers. Small loans on banks' balances have fallen by around 20 per cent since the 2008 fiscal crisis (source: Harvard BBS). Just one third (34%) of small companies say they were able to obtain all the finance they needed during their last visit to a bank (source: National Federation of Independent Businesses).
SMEs typically spent an estimated 33 hrs on handling the bureaucratic formalities for obtaining loans and contact several financial institutions during the loan approval procedure (source: Federal Reserve Bank of New York). The QuickBooks Financial Services is a small enterprise financial product marketingplace that covers the full range of loan offers, comprising current and non-current loans, line of credit, invoicing services and loans for managing small enterprises.
Intuit fully examines all creditors and product offerings. The Intuit dataset shows that 60 per cent of QuickBooks clients were refused loans for low FICO values. On the other hand, specific QuickBooks financing platforms have achieved an adoption quota of 70 per cent. So far, small companies have received more than $200 million in loans through QuickBooks Financing.
With the new funds available in the next few month's time, the product range will be expanded and small companies will be able to use their QuickBooks online information to easily tap into credit offerings.