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Intuit & OnDeck to Launch $100MM Small Business Lending Fund

September 18, 2015, 07:16 AM
Filed Under: Industry News

Intuit is partnering with OnDeck to launch the new QuickBooks Financing Line of Credit to provide faster access to lower-rate small business loans. This first-of-its-kind financing solution enables small businesses to use their QuickBooks Online data to apply for loan offers with the click of a button. Intuit and OnDeck will launch a new $100 million small business lending fund to back the new product.

The new QuickBooks Financing Line of Credit product will be powered by Intuit’s customer data and leverage OnDeck’s industry leading technology. It is designed to offer a better financing experience for established small businesses with strong credit. Product highlights include:

  • Lower Rates – Annual interest rates will range from 8.9% to 19.9%.
  • Faster Funding – Loans will be funded as fast as one business day, dramatically shortening a process that traditionally takes weeks with a bank.
  • Painless Application – Small business owners can complete the loan application with a few clicks thanks to the seamless integration between QuickBooks and OnDeck.
  • Flexible Structure – The Line of Credit product will help small businesses manage their working capital needs and provide peace of mind that they have dedicated financing in place.

This new and enhanced offering builds on an already successful partnership between Intuit and OnDeck. Since 2013, OnDeck has been the top financing provider on the QuickBooks Financing platform.

“This new product is all about empowering small businesses to leverage the power of their own data so that they can take advantage of better financing options,” said Dan Wernikoff, executive vice president and general manager of Intuit’s Small Business Group. “Small businesses rely on financing to power their growth, to invest in new employees, new equipment, and new opportunities. We’re excited to continue working with OnDeck to fuel more small business success.”

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, invoice financing and Small Business Administration loans. All lenders and products are fully vetted by Intuit.

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 $200 million in credit through QuickBooks Financing.

Available in the coming months, the new fund will expand the offering of products, further enabling small businesses to utilize their QuickBooks Online data to effortlessly access loan offers.

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