SAN FRANCISCO -- Intuit, which recently entered into the world of c-store financing, has rolled out Loan Finder, a loan matching service that gives an applicant instant access to a large network of lenders.
Best know for its popular Quicken and TurboTax software solutions, Intuit is targeting independent operators and small chains, by helping them obtain loans more quickly and at better rates that what is often available through local banks and credit unions.
"This program offers an easy, fast way for c-store owners to cover short-term expenses, purchase new inventory or make investments to help their business grow," said Jana Hocker, group manager for Intuit Loan Finder.
For example, said Hocker, under the new financing program through Loan Finder, a prospect with $6,250 in monthly American Express invoices would be eligible for immediate financing of $15,000 to $750,000 at just 6%. "The unique advantages are that no personal lien or collateral would be required, and the applicant could be approved within just three days," said Hocker.
In addition, Intuit recently added the National Association of Federal Credit Unions (NAFCU) to its lender network, opening customers to 850 credit unions nationwide. Credit unions have less demanding requirements than banks, so if a small business owner had been rejected before, this provides an effective way to secure funding, Hocker said.
"Credit unions can provide an important funding alternative for c-store operators because of their openness to loans from this market," she said, adding, "Our expertise in the c-store industry also enables us to negotiate attractive rates on behalf of the operator."
Intuit's entry into c-store finance comes on the heels of the CSP 2012 Outlook Survey, in which convenience operators cited lack of access to capital as the top obstacle to changing their business model.
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