Leading online lender recognized for its significant achievements in the small business lending industry in 2022
ATLANTA, April 27, 2023 /CNW/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today it has been named winner of the Bronze Stevie® Award for "Achievement in Finance" at the 21st Annual American Business Awards®.
IOU's award nomination was based on its success during FY 2022 due to an accelerated growth plan supported by investments in new products, scalable technology, and proactive hiring practices.
"We are proud to be recognized for our achievements in 2022 and acknowledgement of the success of our accelerated growth plans for the year" said Robert Gloer, President and CEO.
The Company's success was highlighted by record-breaking loan originations of US$275.5 million, representing an increase of 70.6% over 2021 and surpassing all previous loan origination figures in the history of the company. It also introduced a Premier Plus product, offering loans up to $1.5 million with 36-month payment terms.
"IOU Financial Inc. is doing a commendable job by arranging quick and easy access to growth capital for small businesses. It is the need of the hour, with bank failures worsening the bad economic situation. Their business achievements speak volumes of their acceptability and capability," said one Judge. Another judge labeled IOU a "thriving organization with great management in uncertain economic times."
The American Business Awards are the U.S.A.'s premier business awards program. All organizations operating in the U.S.A. are eligible to submit nominations – public and private, for-profit and non-profit, large and small. More than 230 professionals worldwide participated in the judging process to select this year's Stevie Award winners.
"We remain inspired by the resilience of American small business owners," concluded Gloer. "Fueling the growth of small business – in challenging times and in good times – is what defines our purpose as a responsible lender."
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. 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 in excess of US$1 billion 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.
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.
