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Intuit Launches ‘Love Our Local Business’ To Help Entrepreneurs Succeed

Stocks in this article: INTU

A little love goes a long way. To help small businesses survive and thrive in a tough economy, Intuit Inc. (Nasdaq: INTU) will grant a wish a day, valuing up to $5,000 each, to 15 businesses through its Love Our Local Business program this holiday season.

Small businesses in the United States and Canada can submit their wishes at LoveOurLocalBusiness.com and then rally their fans to vote for their submissions. Intuit will fulfill one wish a day from December 3 - 21.

Surviving, Not Thriving

Based on an October 2012 Intuit Small Business Survey, 87 percent of small businesses said their businesses are either struggling to survive, or surviving but not growing. Forty-seven percent of respondents said a $5,000 infusion would significantly help or even save their businesses.

“Succeeding in trying economic times is a month-to-month struggle for our small business customers, but they’re a passionate and resilient group,” said Ken Wach, vice president of marketing for Intuit’s Small Business Group. “Small businesses not only drive national economic growth, they’re integral to defining local communities and shaping national culture. We value small businesses and support them to pursue their passions.”

Gifts That Keep on Giving

For small businesses, this holiday season isn’t looking cheerful. The Intuit survey found that:

  • 23 percent rated winter as the most financially difficult time of year – more than any other season.
  • 41 percent ranked “paying my bills” as their No. 1 concern that keeps them up at night about their businesses.
  • 53 percent said they believe the economy is slowly recovering but that their businesses are surviving, not growing.
  • 34 percent agreed that the economy is poor, and their businesses are struggling to survive.

Amidst economic hardship, small businesses are resourceful:

  • 35 percent said $5,000 would significantly help their businesses.
  • 12 percent said $5,000 would save their businesses.

What would they buy with $5,000 for their businesses?

  • 27 percent would put it toward marketing.
  • 16 percent would use it to cover operating costs, such as paying rent or a mortgage.
  • 15 percent would spend it on technology, such as computers or software.

The new Love Our Local Business effort grows out of Intuit’s Love a Local Business program, which awarded approximately $1.2 million in grants and prizes to more than 100 U.S. small businesses since July 2009.

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