Those companies that seek loans through the new process will maintain control over what information they share, according to Intuit. Business owners will be able to review the information that's getting sent out before it's submitted, and redact information that they don't want to share. Of course, redacting too much information may reduce a business's chance of getting a loan.
The partnerships have a chance to benefit lenders, small businesses and Intuit all at once. Lenders can get access to detailed information that should help them make more informed decisions about who to give money to. Businesses, meanwhile, have an easier way to pick up a loan, which should help propel their businesses forward. Intuit gets a new revenue stream, since the company will be paid for its role as the loan broker in that whole transaction.
All of these moves are a sign of what Intuit is doing to try and weather the transition from providing boxed software to providing and monetizing services for small business finances. All of this news comes amid the QuickBooks Connect conference in San Jose, California, where the company is showing off its latest updates to users of its small business product.
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