Intuit Launches QuickBooks Capital, an Online Small Business Lending Service
ETA member Intuit — known for its popular tax and accounting products like QuickBooks and TurboTax —will launch an online small business lending platform called QuickBooks Capital, TechCrunch reported Tuesday morning.
According to the report, SMB owners using QuickBooks can get access to small business loans up to $35,000 for up to six months from inside the bookkeeping software. The platform will utilize Intuit’s machine learning models, fed by anonymized data from the QuickBooks user base of over 26 billion data points to develop credit models.
“Inuit is uniquely positioned to innovate in this space because of the breadth and depth of data small businesses have entrusted us with,” Intuit’s head of QuickBooks Capital Rana Succar told TechCrunch.
Online small business lenders are financial firms that provide credit to small business owners through automated, technology-enabled platforms. They regularly work with traditional lenders to deliver loans. By leveraging the ubiquity, speed and convenience of the Internet, online small business lenders use sophisticated software platforms to provide American small business owners with fast, easy and affordable credit.
ETA – as part of a joint coalition with four other trade associations — recently commissioned a survey of small business owners and found that that a large majority (70%) of small business owners believe there are more credit options today when compared to five years ago, and 97% of those feel that the growing number of financing options is a good thing.
Read the full findings here.