Crestar Bank and Intuit Partner to Revolutionize Small Business Lending

Crestar Bank and Intuit Inc. have announced a groundbreaking partnership to provide small business owners with a free, first-of-its-kind web service called Quicken Business CashFinder. This innovative platform allows entrepreneurs to quickly and easily evaluate financing alternatives and apply for selected credit products directly from their personal computers. According to a recent survey by Intuit, small business owners spend an average of six days shopping for a business loan, and investigate at least three financial institutions before settling on the best deal.

Key Takeaways:

• The partnership between Crestar Bank and Intuit aims to simplify the small business lending process by providing a free web service that evaluates financing alternatives and allows for direct application.
• The Quicken Business CashFinder service is designed to help the 3.4 million small businesses that apply for loans each year, with the goal of reducing the time and effort required to secure financing.
• A survey conducted by International Communications Research found that small business owners spend an average of six days shopping for a business loan and investigate at least three financial institutions before making a decision.
• Crestar Bank's participation in the CashFinder program underscores its commitment to providing small business customers with greater value, emphasizing service and convenience.
• The CashFinder program reflects the growing importance of internet-based financial services, allowing business owners to work through a loan interview/application process from their home or office.
• Crestar's Business Banking unit will respond to completed applications in two business days or less.
• Crestar's multi-channel distribution system includes a complete range of 24-hour electronic banking alternatives, in addition to its 566 banking locations.
• Crestar's web site is found at www.crestar.com.

Statistics:

• 3.4 million small businesses apply for loans each year. [1]
• Small business owners spend an average of six days shopping for a business loan. [2]
• Small business owners investigate at least three financial institutions before settling on the best deal. [2]
• Crestar Bank is part of Crestar Financial Corporation, a $24.9 billion holding company. [3]
• Crestar Bank has 566 banking locations. [3]

Sources:

• [1] Business Wire - May 13, 1998
• [2] International Communications Research - February 1998
• [3] About Crestar - Crestar Bank's website (www.crestar.com)