"

Estimated reading time: 1 minute, 29 seconds

Intuit Starts Small Biz Loan Fund

Dan Wernikoff, IntuitIntuit has introduced Intuit QuickBooks Fund, which is designed to improves the chances of small businesses in obtaining financing. The company, which says it has already facilitated $150 million in loans in a test program, said it has established a $100 million fund.

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."

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
Read 3877 times
Rate this item
(0 votes)

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.