SVP Dan Wernikoff said at the Scaling New Heights conference this week that the company will introduce the fund program this fall. "The goal is we get through this in three to six months," Wernikoff said. He added the goal is to establish a $1-billion fund after the $100 million is exhausted. Wernikoff said Intuit and a lending partner are contributing to the fund.
Intuit says that usually two thirds of all business loan requests are rejected. Under the test program, that has changed to a two thirds approval rate. The interest rate is below 15 percent APR, Wernikoff said.
A clients' financial data represents the foundation of the process. "The application is all of your QuickBooks data," he said. "We have a lot of data in the QuickBooks file that facilitates the loan."