Press Release:
IOU FINANCIAL INC. ("IOU" or "the Company"); (TSXV: IOU), a leading online lender to small businesses, 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.