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Intuit May Help SMBs Get Loans

Friday, Jan 18 2013
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Brad Smith, IntuitIntuit has been testing a program that would enable small and medium businesses to get loans. Intuit is stepping into the process to help banks judge the creditworthiness of their customers. CEO Brad Smith described the test last week, but provided few details about how the program works.
"We have the ability to tell you if a small business is a healthy investment to make a loan," Smith said during last week's annual shareholders meeting. That ability is based on the information Intuit gets from its millions of customers. Smith noted that small business are still having trouble getting loans while "banks are looking to qualify the lowest risk small business." Intuit is sitting between the banks and small businesses, he said.

Smith said Intuit has had positive results, but other than promising more will be known the program soon, gave no other information on a schedule. Intuit has not responded to requests about the availability of more detailed information.

Bob Scott
Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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