Business and financial management solutions provider Intuit Inc and a platform for small business loans OnDeck jointly launched QuickBooks Financing line of credit to provide faster access to lower-rate small business loans.
Intuit and OnDeck will launch a new $100 million small business lending fund to back the new product.
“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, executive vice president and general manager of Intuit’s Small Business Group.
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.