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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INTUIT REACHES SMB LOAN DEAL Featured
Intuit, which has been testing a loan program for small businesses, has launched one in cooperation with OnDeck. The partners will offer $100-million fund as part of QuickBooks Financing Line of Credit. Intuit has been talking about the need for such a program for more than a year and testing its ability to help small businesses receive funding. Interest rates will range fro 8.9 percent to 19.9 percent and will be funded in as little time as one business day.
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