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.”