Two players in the small business finance industry are teaming up to help companies access more working capital.
Finance management platform Intuit and alternative lending platform OnDeck have paired to launch the QuickBooks Financing Line of Credit, a $100 million lending fund for small businesses. The companies said Thursday (Sept. 17) that this is a first-of-its-kind solution to connect QuickBooks users to apply for a loan.
The service integrates data from their QuickBooks accounts to streamline the loan application process.
“This new product is all about empowering small businesses to leverage the power of their own data so that they can take advantage of better financing options,” said Dan Wernikoff, Intuit Small Business Group executive vice president and general manager. “Small businesses rely on financing to power their growth, to invest in new employees, new equipment, and new opportunities.”
[bctt tweet=”‘This new product is all about empowering small businesses to leverage the power of their own data'”]
Together, Intuit and OnDeck offer annual interest rates between 8.9 and 19.9 percent, and facilitate working capital access within one business day. The companies said that business applicants can generally complete their online applications with a few clicks.
Intuit and OnDeck have been working together since 2013, with OnDeck providing finance through the QuickBooks Financing service.
Intuit is in the midst of a shakeup, however, with reports last month revealing that it plans to part ways with several products, including Quicken. At the same time, however, Intuit is reportedly working to strengthen QuickBooks into a more robust service for its corporate users.
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