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New $100M Small Business Lending Fund to Offer Faster Access to Lower-Rate Small Business Loans

New $100M Small Business Lending Fund to Offer Faster Access to Lower-Rate Small Business Loans
Banks are still considered traditional lending sources for businesses, but alternative lending sources are quickly developing more and more programs that appeal to small business owners. One new program, QuickBooks Financing Line of Credit, is introducing an entirely new approach to small business financing.

Intuit and OnDeck offering new program for small business

Alternative lenders Intuit and OnDeck are joining forces to offer a new program to small business owners. Intuit, a producer of financial products that include QuickBooks, TurboTax and Quicken, and OnDeck, a lender who specializes in loans to small companies, have created a small business lending fund of $100 million designed to provide faster access to lower-rate small business loans.

The new QuickBooks Financing Line of Credit will allow small businesses to use their QuickBooks Online data to apply for a loan. The process will be quick and easy, eliminating lengthy application processes for small businesses who have strong credit ratings. Lower interest rates will begin at 8.9 percent, the application process can be completed online, and the approval process can be as quick as one business day.

The appeal for small businesses

OnDeck is a logical partner with Intuit because they have been the top financing provider for QuickBooks. They also have industry-leading technology. Together, they offer a strong alternative lending program catering to small businesses. With bank loans to small business representing only 20 percent of small business loans today, the new program is certain to appeal to the needs of small business owners everywhere.


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