Crestar Bank Joins Internet-Based Loan Program with Intuit and Nine Other Banks

Strategic Insights -

Crestar Bank, with its focus on enhancing small businesses' awareness of its lending options, has partnered with Intuit Inc. and nine other banks to launch an internet-based loan program. This initiative promises to make credit information more accessible to customers at their convenience and in their preferred location. The program aims to provide prospective borrowers with a comprehensive overview of various loan options, including seasonal lines of credit, business credit cards, and financial services, available through participating banks.

Key Takeaways:

  • Crestar Bank has joined an internet-based loan program with Intuit Inc. and nine other banks to increase small businesses' awareness of its lending options.
  • The program allows prospective borrowers to gather information about loans, leases, business credit cards, and financial services available through participating banks.
  • Crestar is offering seasonal lines of credit from $10,000 to $100,000 and a $5,000-to-$10,000 line of credit through the Intuit web site.
  • The bank is also offering term loans of $10,000 to $100,000.
  • Small businesses can download a loan application from the web site but will need to send the completed application by mail or facsimile to Crestar's loan-processing center or deliver it to a Crestar branch.
  • The partnership is part of the banks' efforts to serve small businesses via the internet.
  • NationsBank, a Charlotte-based bank, has launched a similar program allowing small businesses to learn about the bank's services and file a loan application through its web site.

Statistics:

  • The internet-based loan program is accessible through the Intuit "CashFinder" web page (www.cashfinder.com).
  • Crestar Bank is offering seasonal lines of credit ranging from $10,000 to $100,000 and a $5,000-to-$10,000 line of credit through the Intuit web site.
  • The program allows small businesses to download a loan application from the web site.
  • Participating banks include Crestar, Centura Bank of Rocky Mount, N.C., and nine other banks.

Sources:

  • "Crestar Joins Internet-Based Loan Program" ( unreferenced article title )
  • Alexander Berry, executive vice president at Richmond-based Crestar, cited in the article.
  • Scott Scredon, NationsBank spokesman, cited in the article.