The new QuickBooks Financing Line of Credit will provide access to lower-rate small business loans. QuickBooks Financing is a marketplace of small business finance products covering the full spectrum of credit offerings including, short and long term loans, lines of credit, invoice financing and Small Business Administration loans. All lenders and products are vetted by Intuit.
The new line of products will feature lower rates (which will range from 8.9% to 19.9%). In addition, loans will be funded as fast as one business day with an easy application process powered by the integration between QuickBooks and OnDeck.
Intuit and OnDeck will launch a new $100m small business lending fund to back the new product, which will be available in the coming months.