IOU fulfills innovation promise with unique term loan that rewards small business owners with a 3% rebate
ATLANTA, Aug. 4, 2021 /CNW/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today the launch of the IOU 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.
"The IOU Cash Back Loan gives us the opportunity to give something back to new clients that put their faith in us to fund their growth plans," said Robert Gloer, CEO.
Today's news comes as a follow up to IOU's first quarter results, released on May 21st, 2021 in which the Company announced its intention to invest in product, distribution and technology innovation as part of its Post-Pandemic Growth Plan.
"Small businesses are driving the economic recovery," added Gloer, "and we are proud to support their post-pandemic growth plans with innovative new funding solutions built around their needs."
IOU's Cash Back Loan was developed as a result of a series of focus groups conducted earlier in the year, designed to better understand the financing needs of small business owners. Available only to qualified new clients, the IOU Cash Back Loan is designed to attract small business owners that meet specific underwriting requirements and who are committed to achieving a perfect repayment history. Merchants who qualify and meet the criteria will be required to claim their reward in writing within 30 days following the complete repayment of the eligible loan.
IOU broker partners can find out whether their clients will qualify for the Cash Back Loan by contacting their IOU Financial Account Executive. Merchants can find a broker, and independent brokers can apply to join IOU Financial's 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 underwriting US$898 million in loans to fund small business growth since 2009. IOU 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 execution of definitive documentation and the obtaining of the regulatory approval relating to the Offering, 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 20, 2021, 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.
SOURCE IOU Financial Inc.