Intuit Inc. (NASDAQ:INTU) is partnering with OnDeck (NYSE: ONDK), a leading platform for small business loans, to launch the new QuickBooks Financing Line of Credit to provide faster access to lower-rate small business loans. This first-of-its-kind financing solution enables small businesses to use their QuickBooks Online data to apply for loan offers with the click of a button. Intuit and OnDeck will launch a new $100 million small business lending fund to back the new product.
The new QuickBooks Financing Line of Credit product will be powered by Intuit’s customer data and leverage OnDeck’s industry leading technology. It is designed to offer a better financing experience for established small businesses with strong credit. Product highlights include:
- Lower Rates: Annual interest rates will range from 8.9% to 19.9%.
- Faster Funding: Loans will be funded as fast as one business day, dramatically shortening a process that traditionally takes weeks with a bank.
- Painless Application: Small business owners can complete the loan application with a few clicks thanks to the seamless integration between QuickBooks and OnDeck.
- Flexible Structure: The Line of Credit product will help small businesses manage their working capital needs and provide peace of mind that they have dedicated financing in place.
This new and enhanced offering builds on an already successful partnership between Intuit and OnDeck. Since 2013, OnDeck has been the top financing provider on the QuickBooks Financing platform.
Dan Wernikoff, executive vice president and general manager of Intuit’s Small Business Group, shared:
“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. Small businesses rely on financing to power their growth, to invest in new employees, new equipment, and new opportunities. We’re excited to continue working with OnDeck to fuel more small business success.”
Noah Breslow, chief executive officer of OnDeck, stated:
“Small business owners are strapped for time and dislike the lengthy process and uncertainty around applying for a loan at a bank. Our expanded partnership, which leverages OnDeck’s end-to-end online small business lending platform, and Intuit’s market-leading accounting software, solves both problems by creating an entirely new approach to financing. QuickBooks Financing Line of Credit powered by OnDeck uses real-time business performance information and a frictionless ‘one-click’ process to provide small businesses the capital they need, simply and quickly.”