Intuit Inc. (NASDAQ:INTU) today announced a partnership with 10 leading financial institutions to provide the first ever web-based service that enables one-stop shopping for small business cash needs. Whether it’s applying for a business credit card, a credit line, a lease, or a loan, the new Quicken Business Cash Finder helps small business owners find the capital sources they need—quickly and easily. Users can access the Quicken Business CashFinder service through the World Wide Web at http://www.cashfinder.com.
The premier participating financial institutions include: American Express, Centura, Chase Manhattan Bank, Citibank, Colonial Pacific Leasing, Compass Bank, Crestar, KeyBank, SouthTrust Bank and Union Bank of California.
"Quicken Business CashFinder simplifies the way small businesses shop and apply for financing," said Jim Heeger, senior vice president of Intuit’s small business division. "This service quickly gives the customer the information that is needed to make a smart, informed loan decision. The days of having to run around to multiple financial institutions to shop for a loan may soon be a thing of the past, thanks to new Internet services like Quicken Business CashFinder."
With more than 3.4 million small business owners applying for credit each year, Quicken Business Cash Finder automates the credit application process by walking users through three quick steps:
- Select one or more of the credit options proposed by any of the participating financial institutions. Customers can choose from among more than 30 types of financial offerings in four main categories: business lines of credit; loans; credit cards; or leasing.
- Download free software which allows customers to fill out multiple application forms all at once. This process is completed easily and safely on the individual’s own PC using Intuit’s familiar on-screen question-and-answer process, the EasyStepâ Interview. Customers go through the EasyStep Interview only once regardless of the number of financial services for which they are applying at one time. This comes as a big relief to the more than one-third of small business owners who say they find loan application forms complicated, according to a recent survey commissioned by Intuit. If multiple application forms are necessary, Quicken Business CashFinder will ask all questions only once and automatically transfer redundant information to all applications.
- The final step is to print out the application forms, sign, seal, and deliver. Approval comes directly from the financial institutions, at which point customers can compare quotes, choose the best rate, and obtain the cash needed for their business.
Claudia DeFrance, owner of "Simply Elegant" gift store in Middletown, CT, says that in the past, shopping for loans took a lot of time. "If I wanted to compare credit products and rates, it took forever to visit or call several financial institutions… time I would have rather spend running my business."
According to a recent survey commissioned by Intuit for Quicken Business CashFinder*, small business owners spend an average of six days shopping for a business loan. In addition, small business owners investigate at least three financial institutions before settling on the best deal. Most importantly, 41% of small business owners say they lack confidence that they really have all the information needed to obtain the best loan for their business.
*The survey was conducted by International Communications Research of Media, PA, which polled 300 PC-owning small business owners between February 3-6, 1998.
