IOU Financial Inc Surpasses $ 1 Billion in Loan Originations, Sets All-Time Record for Quarterly Loan Originations
The company celebrates a milestone in its 12-year history of funding small business growth in North America
ATLANTA, November 2, 2021 / CNW Telbec / – FINANCIÃRE IOU INC. (“IOU” or “the Company”) (TSXV: IOU), a leading online small business lender (IOUFinancial.com), today announced that it has exceeded US $ 1 billion in the total of loan arrangements.
“This is an important milestone for all IOU team members, partners and stakeholders,” said Robert gloer, President and CEO. âIn 12 years, the company has grown but our values ââhave not changed: more than ever, we are committed to exceeding the expectations of our broker partners and small business owners through North America who rely on our financing solutions to drive their growth plans. “
In addition, IOU today announced that its loan origination for the quarter ended September 30, 2021 broke all previous records. The company was born on $ 52 million in small business loans in Q3, a new record in the company’s 12-year history, representing sequential growth of 51.5% from Q2 2021 and 183.1% from Q3 2020.
“We are delighted to exceed the number of loan grants before the pandemic and to start setting new all-time records for IOU Financial,” said Robert gloer, President and CEO. “We remain cautiously optimistic that the economic recovery will continue despite persistent potential macroeconomic and public health risks.”
IOU Financial granted its first loan in december 2009 and has quickly positioned itself as a trusted alternative to banks by helping small business owners gain quick and easy access to finance through its proprietary IOU360 technology platform. The Company continued to fund small businesses throughout the Covid-19 pandemic and subsequently introduced the first IOU Financial Cash Back Loan and announced an absolute record of monthly loan origination.
âWe faced the challenges of the COVID-19 pandemic with the same entrepreneurial spirit that drove us to launch IOU Financial in the wake of the 2008 financial crisis – and both experiences reinforced the importance of helping small businesses adapt to new challenges and grow, “added Gloer.” Here are the next 12 years of small business growth! “
The company is due to share its third quarter financial results in the coming weeks.
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 United States and Canada. Built on its proprietary IOU360 technology platform that connects underwriters, traders and brokers in real time, IOU Financial has become a trusted alternative to banks in 984 million US dollars from September 30, 2021 in loans to finance small business growth since 2009. IOU trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU) and on the US markets over the counter as IOUFF. To learn more about the history of the IOU Financial company, financial products or to join our broker network, please visit www.IOUFinancial.com.
Certain information contained in this press release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to many risks and uncertainties, some of which are beyond the control of IOU, including, but not limited to, the impact of general economic conditions, industry conditions, dependence on with regard to regulatory and shareholder approvals, documentation execution and the uncertainty of securing additional funding. Readers are cautioned that the assumptions used in preparing this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and, as such, forward-looking statements should not be relied on unduly. IOU assumes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Show original content:https://www.prnewswire.com/news-releases/iou-financial-inc-surpasses-us1-billion-in-loan-originations-and-establishes-all-time-record-in-quarterly-loan-originations- 301414711.html
SOURCE IOU Financial Inc.
Show original content: http://www.newswire.ca/en/releases/archive/November2021/02/c9324.html