Intuit and small and mid-market business
Small and mid-market businesses represent 98% of all employer firms and account for more than half of the world’s jobs. Intuit is proud to empower more than 10 million small and mid-market businesses across the globe with our suite of products and services, like QuickBooks and Mailchimp. We are dedicated to helping millions of small and mid-market businesses worldwide simplify operations so they can grow and achieve prosperity.
Modernize America’s payment infrastructure
America’s small businesses are digital-first, serving customers and paying their suppliers online. However, the regulatory framework governing US payments has not kept pace with this transformation. The current system, designed for an analog era, locks out the most innovative and trusted payment processors that have led the charge to bring small businesses online. This has resulted in unnecessary friction and costs for small businesses that currently navigate a complex maze of intermediaries and fees to access the money they have earned. Modernizing America’s payment infrastructure to enable trusted third-party payment processors to access federal payment rails directly would help our small businesses grow and foster a more competitive economy. After all, small businesses move fast—payments should too.
Improve access to capital
One of the most significant issues for small and mid-market businesses globally remains access to affordable capital. The loan application process is long and difficult, no matter where you operate. Interest rates can be high, and banks often won’t lend to companies less than 2 years old with smaller revenues, as they are often viewed as too risky an investment. This can be a make-or-break issue for a small and mid-market business facing decisions to buy supplies to complete the next job, make payroll while waiting for a customer’s payment, or invest in equipment, among many other needs.
Intuit supports policies that ensure all small and mid-market businesses and entrepreneurs have access to affordable and competitive financing. We believe in leveling the playing field among lenders and marketplaces so that all small and mid-market businesses have the ability to compete and grow.
Reduce regulatory barriers
Starting and growing a business is a significant challenge. Small and mid-market businesses around the world experience a confusing maze of permits and regulations, often lacking the financial and human resources that large companies have to help with compliance. To improve small and mid-market businesses’ experience with the government, policymakers should minimize regulatory and licensing barriers to starting a small and mid-market business. Governments should also streamline and digitize business processes, such as registration and permitting, where possible.
Strengthen connections between policymakers and businesses
To advance innovation and policy that will accelerate small and mid-market business growth, small and mid-market business owners and entrepreneurs must have a seat at the table with policymakers, regulators, and relevant stakeholders. Intuit has launched the Intuit Small Business Council in the US and the Intuit Small Business Growth Council in the UK, both to facilitate conversations between policymakers and small and mid-market businesses. We stand firmly behind our more than 10 million small and mid-market businesses and believe their voices should be considered by governments and decision-makers.
Empower entrepreneurs with resources and insights
Small and mid-market businesses are the backbone of local economies, yet many lack access to the data, funding, and expertise they need to thrive. Intuit is committed to closing that gap—through research and insights that illuminate the challenges business owners face, and through programs that deliver real resources and impact directly to entrepreneurs in their communities. From tracking small business economic trends to awarding grants and providing hands-on coaching, Intuit works to give small and mid-market businesses the tools and opportunities they need to grow, compete, and succeed.
