Company delivers on its commitment to product
innovation with biggest and longest-term loan product to
date.
ATLANTA, Aug. 1, 2022
/CNW/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV:
IOU), a leading online lender to small businesses
(IOUFinancial.com), announced today the introduction of its new
Premier PLUS term loan product for small businesses, with terms of
36 months and loan amounts ranging from US$500K to US$1.5M.
"Small business needs are growing, and IOU is thrilled to
introduce our biggest and longest-term loan to date," said
Robert Gloer, President and
CEO. "Being able to access up to US$1.5 million within 24 hours of completing an
application can be a powerful option for quickly financing growth
strategies."
IOU's Premier PLUS term loan is available to businesses that
have been in operation for at least 5 years and rewards those with
high credit scores. Available to qualified new and returning
clients, the Premier PLUS term loan is designed to provide small
business owners with easy access to larger loan amounts and
payments spread out over 36 monthly instalments.
Premier PLUS is the latest instalment in IOU's commitment to
deliver innovative new term loan products designed to help broker
partners fulfill an expanding range of business funding
needs. In 2021, the Company extended its product range with a
24-month term loan and the industry-first Cash-Back Loan, a unique
term loan product for small businesses that encourages and rewards
perfect payment histories with a cash reward of 3% of the original
loan amount.
Product innovation is a cornerstone of the Company's
Post-Pandemic Growth Plan, for which it was awarded a Silver
Stevie® at the American Business Awards®.
IOU broker network partners can find out whether their clients
qualify for the Premier PLUS term loan by contacting their IOU
Financial Account Executive. Small business owners can find a
broker, and independent brokers can apply to join IOU Financial's
broker network, by visiting www.IOUFinancial.com.
About IOU Financial Inc.
IOU Financial Inc. is a wholesale lender that provides quick and
easy access to growth capital to small businesses through a network
of preferred brokers across the US and Canada. Built on its proprietary IOU360
technology platform that connects underwriters, merchants and
brokers in real time, IOU Financial has become a trusted
alternative to banks by originating over US$1 billion in
loans to fund small business growth since 2009. IOU was
named one of the 50 Best Places to Work in Fintech for 2022 by
American Banker and trades on the TSX Venture Exchange under the
symbol IOU (TSXV: IOU), and on the US OTC markets as IOUFF.
To learn more about IOU Financial's corporate history, financial
products, or to join our broker network please visit
www.IOUFinancial.com.
Forward Looking Statements
Certain information set forth in this news release may contain
forward-looking statements. Forward looking statements are
statements, other than statements of historical fact, that address
or discuss activities, events or developments that IOU expects or
anticipates may occur in the future. These forward looking
statements can be identified by the use of words and phrases such
as "anticipates", "believes", "estimates", "expects", "may",
"plans", "projects", "should", "will", "intends", "seeks",
"allows", "creates a path for", "puts in a position to" or the
negative thereof or other variations thereon. These
forward-looking statements are subject to and involve substantial
known and unknown risks and uncertainties, certain of which are
beyond the control of IOU, including, but not limited to, the
impact of general economic conditions, industry conditions,
dependence upon regulatory and shareholder approvals, the
uncertainty of obtaining additional financing, risks related to the
Company's incapacity to execute on its business plan, dependence on
third-party service providers, competition, dependence on key
personnel, security and confidentiality risk, technological
development risk, IT disruptions, maintenance of client
relationships, and litigation risk. No assurance can be given
that any of the events anticipated by such statements will occur
or, if they do occur, what benefit IOU will derive from them.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. IOU does
not assume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future events,
or otherwise. Additional information concerning these and
other factors can be found beginning on page 20 under the heading
"Risks and Uncertainties" in IOU's management's discussion and
analysis dated May 18, 2022, which is
available under IOU's profile on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE IOU Financial Inc.