MONTREAL, May 11, 2020 /PRNewswire/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), is pleased to announce that the Company's wholly owned subsidiary, IOU Central Inc., has been approved by the U.S. Department of the Treasury and the Small Business Administration (SBA) to provide Paycheck Protection Program (PPP) loans.
"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.
The Program was established by Congress and was implemented by the U.S. Department of the Treasury and the SBA. Under the Program, small businesses impacted by the COVID-19 health crisis may qualify for loans with a possibility for loan forgiveness. Following is a link to the Program: Paycheck Protection Program
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. In a unique approach to lending, IOU Financial's advanced, automated application and approval system accurately assesses applicants' financial realities, with an emphasis on day-to-day cash flow trends. IOU Financial allows these businesses to apply for six, nine, twelve, fifteen and eighteen-month term loans of up to US$500,000 to qualified U.S. applicants ($150,000 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. To learn more visit: IOUFinancial.com.
Forward Looking Statements
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.