The QuickBooks Financing team is proud to announce that as of today, we have helped fuel the success of 8,000 small businesses in the QuickBooks ecosystem, helping them access $500 million in capital. With these loans, business owners have taken their companies to new heights. Several have been able to sleep better knowing they could make payroll on time despite slow seasonal periods; others have been able to make their expansion dreams a reality.
Brad Minsley the co-founder of property management company 10 Federal Management is a great example. Brad saw the potential to rapidly expand with new property management software that would cost $100,000. Unfortunately, his company’s loan application was rejected by several banks who had trouble understanding the nature of his business. Through the QuickBooks Financing platform, Brad was able to easily find a lender that understood the potential in his business. This infusion of capital helped Brad dramatically accelerate this business from 7 to 11 properties under management and they are doubling every 9-12 months.
Meanwhile, Paul Hondett, co-founder of Perfect Delivery, needed financing to cover payroll and pay bills during the slow season. As a transportation company servicing the wine industry, 90% of the company’s revenues are concentrated during four months of the year. After being turned down by several banks, Paul was able to find a lender via QuickBooks Financing who approved them almost instantly. With the additional cash, Perfect Delivery not only covered their expenses during the slow months of the year, but they also strengthened the health of the business with new delivery trucks and began offering employees medical and 401k plans. Watch their story here.
These stories are incredibly heartening to hear. With ready access to financing, QuickBooks Financing is helping small business owners put their dreams into practice. In fact, we are more focused than ever on reinventing the small business borrowing experience. We have set a goal of reducing the time it takes to apply for a business loan from 33 hours on average to virtually no time — after all, most of the information you need to apply already resides in QuickBooks. And we are working around the clock to increase approval rates for small businesses.
We are rolling out new features every day to the QuickBooks Financing platform. This month, we welcomed two new lenders to increase the available options: Amex Working Capital Terms which offers 30, 60 or 90 day terms loans to pay vendors and BlueVine which offers a line of credit targeted at businesses as young as 6 months. We also rolled out a new feature which allows small businesses to easily compare loan offers across multiple lenders in order to increase confidence that they are getting the optimal financing for their business. And we’re just getting started!
Whether you are looking to expand, purchase new inventory in time for the busy holiday season, or access working capital to support your business, we encourage you to visit QuickBooks Financing and join 8,000 other small businesses who have unlocked their potential with the power of financing. With QuickBooks Financing you can Dare to Dream.
Posted by Rania Succar, Director, QuickBooks Financing