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Intuit and OnDeck to Launch $100M Small Business Lending Fund
QuickBooks Data Fuels Small Business Success with One-Click Financing Powered by OnDeck
MOUNTAIN VIEW, Calif. – Sept. 17, 2015 – Intuit Inc. (Nasdaq: INTU) is partnering with OnDeck (NYSE: ONDK), a leading platform for small business loans, 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.
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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 percent.
- 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.”
"Small business owners are strapped for time and dislike the lengthy process and uncertainty around applying for a loan at a bank. Our expanded partnership, which leverages OnDeck’s end-to-end online small business lending platform, and Intuit’s market-leading accounting software, solves both problems by creating an entirely new approach to financing,” said Noah Breslow, chief executive officer, OnDeck. “QuickBooks Financing Line of Credit powered by OnDeck uses real-time business performance information and a frictionless ‘one-click’ process to provide small businesses the capital they need, simply and quickly.”
The Rise of Online Lending
Small businesses are turning to online lenders in record numbers because of challenges in the traditional small business financing system. For example:
- Since the financial crises of 2008, small business loans on the balance sheets of banks are down about 20 percent (source: Harvard Business School).
- Only one-third (34 percent) of small businesses indicate that they were able to get all of the funding they needed the last time they went to a financial institution (source: National Federation of Independent Businesses).
- Small businesses spend an average of 33 hours on paperwork for bank loans and approach multiple banks during the application process (source: Federal Reserve Bank of New York).
The 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, 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. 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® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money, while ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year 2015. The company has approximately 7,700 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.