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Intuit Launches 'Love Our Local Business' to Help Entrepreneurs Succeed
Program Grants Small Businesses a Wish a Day This Holiday Season
MOUNTAIN VIEW, Calif. – Nov. 14, 2012 – A little love goes a long way. To help small businesses survive and thrive in a tough economy, Intuit Inc. (Nasdaq: INTU) will grant a wish a day, valuing up to $5,000 each, to 15 businesses through its Love Our Local Business program this holiday season.
Small businesses in the United States and Canada can submit their wishes at LoveOurLocalBusiness.com and then rally their fans to vote for their submissions. Intuit will fulfill one wish a day from Dec. 3 -21.
Surviving, Not Thriving
Based on an October 2012 Intuit Small Business Survey, 87 percent of small businesses said their businesses are either struggling to survive, or surviving but not growing. Forty-seven percent of respondents said a $5,000 infusion would significantly help or even save their businesses.
“Succeeding in trying economic times is a month-to-month struggle for our small business customers, but they’re a passionate and resilient group,” said Ken Wach, vice president of marketing for Intuit’s Small Business Group. "Small businesses not only drive national economic growth, they’re integral to defining local communities and shaping national culture. We value small businesses and support them to pursue their passions."
Gifts That Keep on Giving
For small businesses, this holiday season isn’t looking cheerful. The Intuit survey found that:
- 23 percent rated winter as the most financially difficult time of year – more than any other season.
- 41 percent ranked “paying my bills” as their No. 1 concern that keeps them up at night about their businesses.
- 53 percent said they believe the economy is slowly recovering but that their businesses are surviving, not growing.
- 34 percent agreed that the economy is poor, and their businesses are struggling to survive.
Amidst economic hardship, small businesses are resourceful:
- 35 percent said $5,000 would significantly help their businesses.
- 12 percent said $5,000 would save their businesses.
What would they buy with $5000 for their businesses?
- 27 percent would put it toward marketing.
- 16 percent would use it to cover operating costs, such as paying rent or a mortgage.
- 15 percent would spend it on technology, such as computers or software.
The new Love Our Local Business effort grows out of Intuit’s Love a Local Business program, which awarded approximately $1.2 million in grants and prizes to more than 100 U.S. small businesses since July 2009.
Love Our Local Business is part of Intuit’s larger, ongoing commitment to support the financial success of consumers and small businesses. In fiscal year 2012, Intuit’s product, in-kind and cash donations to charitable organizations and small business development programs totaled nearly $54 million.
Love Our Local Business Grant Details
Small businesses can submit their wishes in two easy steps. Details for entry, eligibility, rules and prizing are available at www.loveourlocalbusiness.com.
About the Intuit Small Business Survey
The Intuit Small Business Outlook Survey was compiled by Decipher Research for Intuit in October 2012, polling 201 American small business owners online.
- Love Our Local Business website
- [VIDEO] Intuit CEO Brad Smith shares why local businesses matter
- Love Our Local Business program rules
- Intuit Small Business Blog
- Intuit on Twitter
- Intuit on Facebook
- Intuit Community
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year 2012. 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.