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Intuit Starts $100M Small Biz Loan Fund

Monday, Sep 21 2015
News
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Brad Smith, IntuitIntuit has launched a $100-million fund in partnership with OnDeck. The software company had been testing a loan program for small businesses, utilizing data from QuickBooks software to help customers improve their chances of obtaining loan approval. Interest rates on the new funds will range from 8.9 percent to 19.9 percent and will be funded in as little time as one business day.

The fund will be utilized as part of QuickBooks Financing Line of Credit.
Intuit says the application can be quickly completed because of integration between QuickBooks and OnDeck, which has been a source of capital for the program since 2013. Intuit says the application can be quickly completed because of integration between QuickBooks and OnDeck, which has been a source of capital for the program since 2013.

A year ago, CEO Brad Smith said Intuit was matching small businesses with lenders and had secured 70-percent acceptance that brought $45 million in loan commitments. Intuit is utilizing QuickBooks data to help demonstrate credit worthiness of applicants
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