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Bengaluru, Karnataka, India: Business Wire India
• Initiative to provide funding, resources and tools to small and micro businesses
Intuit QuickBooks today announced the launch of the Small Business Relief Initiative, in collaboration with Milaap, to help small and micro businesses in India to raise money to tackle the challenges arising from the COVID-19 lockdown. Intuit’s QuickBooks Online is the world’s leading financial management solution for small businesses and accountants.
The Small Business Relief Initiative aims to raise funds for small and micro-businesses that are facing difficulties in paying employee salaries and in covering business expenses due to COVID-19. India has around 6.4 crore MSMEs that contribute to 29% of the GDP and employ 11.1 crore people. (Source)
As the COVID-19 induced lockdown continues, most of the small and micro businesses in the country are struggling to survive mainly due to cash flow problems. The Small Business Relief Initiative brings together Milaap’s crowdfunding platform with Intuit QuickBooks’ expertise, to provide local businesses with the resources and tools they require to start a crowdfunding campaign in a few clicks, via the Milaap platform where qualifying businesses that have been impacted by COVID-19 can raise micro-grants to meet essential business expenses.
Talking about the program, Aditi Puri Batra, Country Manager, Intuit QuickBooks India, said, “Small and micro businesses play an important role in the larger supply chain and thus their health is imperative to kick-start the industry when the lockdown eases. While the Government of India and Reserve Bank of India have taken multiple steps to address the liquidity crunch faced by these businesses, there is a need for more programs that can put cash into their hands as not every one of them may have access to lending. We are hopeful our initiative fills that gap and empowers these small and micro businesses that are also a crucial source of employment for millions of people in the country.”
Intuit QuickBooks India is also fundraising by enabling its employees in India to donate funds to a small and micro business of their choice on Milaap’s platform and creating awareness about the initiative across its small business network and associated brand channels.
Regarding this initiative, Mayukh Choudhury, CEO and co-founder, Milaap said, “Small and micro businesses are a lifeline for countless communities. Over the last decade, Milaap has supported over 1.5 lakh micro and small businesses. An immediate financial stimulus, for these vulnerable businesses is the need of the hour. Such a stimulus will address not only the availability of goods across local areas, but also the sustenance of employment across the economy.”
How the Small Business Relief Initiative works:
Intuit QuickBooks India Small Business help site: Intuit QuickBooks is providing its network of small businesses with a resources and tools site that enables businesses to start their own fundraiser or support an existing one. From there, small businesses can share their story on Milaap and request help covering employee-related and business expenses. Then everyone - friends, family, neighbours, companies - can all search the Small Business Relief Initiative site to find small businesses in need and donate directly to them.
Milaap.org Small Business Relief Fund: Milaap.org, India’s largest crowdfunding platform for medical emergencies and social causes, has launched the Small Business Relief Initiative where people can donate to support the overall initiative. Donors in India will be able to donate towards a business of their choice on the Milaap platform.
The Small Business Relief Initiative in India follows a similar program Gofundme launched by Intuit QuickBooks in the US in partnership with Gofundme.
Intuit’s mission is to Power Prosperity Around the World. We are a global financial platform company with products including TurboTax, QuickBooks, Mint and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives. Our platform and products help customers get more money with the least amount of work, while giving them complete confidence in their actions and decisions. Our innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social.
Milaap is South Asia’s largest crowdfunding platform for personal and social causes, especially in healthcare emergencies, micro businesses, and in natural crises. Milaap’s community of funders come from over 130 countries across the world and have contributed over Rs. 900 crores, for 200,000+ projects across India. Over the last 10 years, Milaap has become a preferred platform for people to raise funds for and contribute to the causes they care about in India. Milaap.org has the vision of making giving a part of everyday life for Indians. The website has over 2.5 million page views every month, and is growing 3x yearly. The e-mail support extends over 15 hours a day, 7 days a week, and is rendered via a dedicated team that hand-holds users through any procedure on the website. The platform’s single minded goal is to ensure an easy, trusted, and engaging way of giving for Indians.
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