MONTREAL, March 5, 2019 /CNW Telbec/ - IOU FINANCIAL INC. ("IOU" or "the Company"); (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), is pleased to announce that it has entered into a US$50 million credit facility with Credit Suisse AG, Cayman Islands Branch. Sector Financial Inc, an affiliate of Credit Suisse, provided access to the Credit Suisse debt facility. The facility is structured with an accordion and may be increased to US$100 million at IOU's request and the lender's acceptance.
"We are pleased to announce this new credit facility, which is a testament to our ongoing capital markets efforts," said Phil Marleau, CEO of IOU Financial. "This new facility enables us to continue to provide efficient, rapid financing that our small business customers need to grow and succeed."
"We are delighted to have completed this financing which represents a significant step forward in IOU's funding strategy," said David Kennedy, CFO of IOU Financial.
About IOU Financial Inc.
IOU Financial Inc. provides small businesses throughout the U.S. and Canada access to the capital they need to seize growth opportunities quickly. Typical customers include medical and dental practices, grocery and retail stores, salons, gas stations, auto repair shops, and restaurants. In a unique approach to lending, the IOU Financial advanced, automated application and approval system efficiently and accurately assesses applicants' financial profiles, with an emphasis on day-to-day cash flow trends. It makes loans of up to US$500,000 to qualified U.S. applicants ($100,000 in Canada) within a few business days, with affordable charges favorable to cash-flow management. Its speed and transparency make IOU Financial a trusted alternative to banks. To learn more visit: IOUFinancial.com.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous 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 execution of definitive documentation and the uncertainty of obtaining additional financing. 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.
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.
SOURCE IOU Financial Inc.