MONTRÉAL, Aug. 19, 2015 /CNW/ - IOU Financial Inc. (TSX Venture Exchange: IOU) ("IOU Financial" or the "Company") a leading online lender to small businesses in the United States, is pleased to announce today that it intends to open up its offerings to the Canadian marketplace.
IOU Financial's unique approach to lending will revolutionize small business lending in Canada. Unlike traditional banking institutions, IOU Financial's innovative, proprietary online technology quickly and efficiently assesses the applicant's financial realities with an emphasis on day-to-day cash flow, with most loans granted within 24 to 48 hours. To date, IOU Financial has funded over US$225 million in small business loans in the United States.
"As a Canadian company with headquarters in Montreal, we are very excited at the prospect of serving the Canadian market with a transformative and reliable alternative to traditional banks," stated Phil Marleau, CEO of IOU Financial.
"IOU Financial provides small businesses with the working capital they need to quickly seize growth opportunities. We have already started the process of collecting information on potential direct clients in Canada as well as future broker prospects to position ourselves for a successful launch in the Canadian market. We look forward to our official Canadian launch in the months to come," continued Mr. Marleau.
IOU Financial will be available to the Canadian market at ioufinancial.ca.
About IOU Financial
IOU Financial provides small businesses throughout the U.S. access to the capital they need to seize growth opportunities quickly. Typical customers include medical and dental practices, grocery and retail stores, restaurant and hotel franchisees and e-commerce companies. 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. The Company makes loans of up to US$150,000 to qualified applicants within a few business days, with affordable charges favourable to cash-flow management. IOU Financial's speed and transparency make it 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.
For further information: Philippe Marleau, Chief Executive Officer, (514) 789-0694 ext. 225; Mayco Quiroz, Chief Financial Officer, (514) 789-0694 ext. 298