Mountain View, California (PRESS RELEASE – May 18, 2011) – Intuit (NASDAQ: INTU) announced today an additional one million dollar investment in small business job creation. The investment comes as a continuation of Intuit’s highly successful Love a Local Business campaign, a program where small businesses win monetary grants based on online nominations from their fans. The program has already awarded more than $500,000 in funding to 104 small businesses nationwide to both help them get back on their feet and celebrate their success to date.
According to the Intuit Small Business Employment Index, small businesses have been leading the economic recovery by adding nearly 850,000 jobs since October 2009, equating to a 3.7 percent annual growth rate. The Index measures small business employment trends based on data from the country’s smallest small businesses that use Intuit Online Payroll. While small business job growth outpaces national employment growth by more than 1 percent, many small businesses could still use support.
“Everyone will agree that small businesses are the key to our nation’s job growth and economic recovery,” said Rep. Sam Graves (R-MO) Chairman, Small Business Committee, U.S. House of Representatives. “My colleagues and I on Capitol Hill know that we still have a long way to go, however, programs like Love a Local Business are providing valuable support to these job creators as they try to grow and invest in their businesses. As small firms and communities improve, so will our nation’s economy.”
“As a company trusted by and relied upon by millions of small businesses, we at Intuit see ourselves as partners of small business, so it’s our responsibility to help them continue to progress,” said senior vice president and general manager of Intuit’s Employee Management Solutions division Nora Denzel. “The recovery they have achieved to date warrants applause, and Love a Local Business offers Americans an avenue to show their support. Hopefully Love a Local Business inspires others who work with small businesses to pitch in to help them succeed.”
“People don’t realize that a few thousand dollars can go a long way when you’re a small business, working with a ‘down to the penny’ tight rope budget,” said Shana Rawlings, Love a Local Business grant winner and owner of Harmony in Hooves Therapeutic Riding Center of Benton, Arkansas. “As little as $5,000 could mean the addition of a temporary part time employee or consultant. The grant enabled us to make necessary upgrades to our barn and pursue securing 501(c) 3 Non-Profit status. I know so many others could benefit from such an infusion of cash with no strings attached.”
Progress to Date
During the course of nearly two years, Love a Local Business has infused funding into more than 100 communities. Past winners have ranged from a bookstore in Morgan Hill, Calif., BookSmart, to Harmony in Hooves, a therapeutic horseback riding facility in Benton, Arkansas. The program first introduced hiring grants in 2010. The first hiring grant winner, Christen Tranchito of Movement Matters Health & Fitness, has already put her money to work by creating four new jobs in her community of Northfield, Ohio.
Love a Local Business Grant Details
Details for how to win a Love a Local Business hiring grant can be found at www.lovealocalbusiness.com. In addition, Love a Local Business will soon offer additional hiring grants for small businesses in the towns and cities that love local the most, kicking off June 1, 2011. Any small business interested in learning about hiring and managing employees can visit www.intuithire.com for free resources.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit’s leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.5 billion in its fiscal year 2010. The company has approximately 7,700 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.