MONTREAL, Jan. 17, 2013 /CNW Telbec/ - IOU Financial Inc. (CNSX: IOU) ("IOU Financial" or the "Company") announced today an update on its activities.
For the year ending December 31, 2012, IOU Financial processed approximately US$49.4 million in loan applications. This compares to a total of US$17.5 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, for the year ending December 31, 2012, IOU Financial originated over US$11.5 million in loans. This compares to a total of US$2.4 million in all of 2011, and US$0.4 million in 2010.
As of December 31, 2012 the principal value of loans receivable (excluding the servicing portfolio) amounted to CDN$5.6 million versus CDN$1.9 million at the end of 2011.
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, via its U.S. subsidiary, IOU Central, 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 ecommerce companies. In a unique approach to lending, IOU Central's advanced, automated application and approval system accurately assesses applicants' financial realities, with an emphasis on day-to-day cash flow trends. It makes loans of up to $100,000 to qualified applicants within a few business days, with affordable charges favorable to cash-flow management. IOU Central's speed and transparency make it a trusted alternative to banks. 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 or regulation.
SOURCE: IOU FINANCIAL INC.
For further information:
Chief Executive Officer
(514) 789-0694 ext. 225
Chief Financial Officer
(514) 789-0694 ext. 298
The Canadian National Stock Exchange (CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.