MONTREAL, July 11, 2012 /CNW Telbec/ - IOU Financial Inc. (CNSX: IOU)
("IOU" or the "Company") announced today an update on its activities.
Since the launch of its site through June 30, 2012, IOU Financial has
surpassed US$40.9 million in loan demand (loan applications). For the
six-month period ending June 30, 2012, IOU Financial processed over
US$19.9 million in loan applications. This compares to a total of
US$17.2 million in all of 2011, and US$3.5 million in 2010. This
strong flow of loan applications was generated online and through a
growing base of business loan brokers across the U.S.
Moreover, since the launch of its site through June 30, 2012, IOU
Financial has funded (originated) US$7.0 million in loans. For the
six-month period ending June 30, 2012, IOU Financial originated over
US$4.2 million in loans. This compares to a total of US$2.4 million in
all of 2011, and US$0.4 million in 2010.
Businesses are increasingly turning to IOU Financial as an alternative
to traditional lenders. A simple, secure and automated loan
application process makes IOU Financial a great choice for creditworthy
businesses looking for a loan.
About IOU Financial
IOU Financial Inc., via its U.S. subsidiary, IOU Central Inc. ("IOU"),
operates an online lending platform which services store-front
businesses (traditional and internet-based) throughout the United
States, that it believes are under served by banks today. IOU allows
these businesses to obtain loans of up to $100,000, without having to
resort to more expensive factoring type products. Loan applications
are done online and businesses can receive funding in as little as two
business days. The Company's approach to lending is unique. Its
underwriting model looks holistically at a business' financial
realities, with an emphasis on its day-to-day cash flow trends, while
its micro-payment system allows it to service the loans on a daily
basis for easy cash flow management. To learn more visit: www.ioucentral.com
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release are forward-looking
and are subject to numerous risks and uncertainties, known and unknown.
For information identifying known risks and uncertainties, relating to
liquidity risks, risks inherent in growing a new business, dependence
on third-party service providers, credit risks, competition, regulatory
risk, and assumptions that could cause the company's actual results to
differ from current expectations, please refer to the section "Risks
and Uncertainties" of IOU's most recent Management's Discussion and
Analysis ("MD&A"), which may be consulted at www.sedar.com. IOU cautions that the foregoing list of factors is not exhaustive. The
forward-looking statements presented in the MD&A reflect IOU's
expectations as at the date of the MD&A. IOU Financial does not
undertake any obligation to update publicly or to revise any such
forward-looking statements, unless required by applicable legislation
The Canadian National Stock Exchange (CNSX Markets Inc.) has neither
approved nor disapproved of the contents of this press release.
SOURCE IOU FINANCIAL INC.
For further information:
Chief Executive Officer
(514) 789-0694 ext. 225
Chief Financial Officer
(514) 789-0694 ext. 298