We are proud to announce that IOU Financial has been approved by the U.S. Department of the Treasury and the Small Business Administration (SBA) to directly provide and originate Paycheck Protection Program (“PPP”) loans.
IOU joins a select group of non-bank, fintech lenders (including Intuit, Paypal, Bluevine, OnDeck, and Square), which have received approval to offer PPP loans directly to their customers.
"Small businesses have been hit particularly hard by the COVID-19 crisis. IOU is ready and eager to do its part to help every qualified small business access the funding they need to ensure as many workers as possible keep their paychecks and benefits during the COVID-19 health crisis," said Phil Marleau, CEO of IOU.
"We thank the U.S. Department of the Treasury and SBA for allowing companies like IOU to help distribute funds to small businesses impacted by the COVID-19 health crisis," said Robert Gloer, President of IOU.
View the full press release on PR Newswire.