SMALL BUSINESS ADVICE

IOU Financial Introduces Cash Back Loan

IOU Financial Inc. | August 05, 2021

IOU FINANCIAL INC., a leading online lender to small businesses (IOUFinancial.com), announced today the launch of the IOU Cash Back Loan, a unique term loan product for small businesses that encourages and rewards perfect payment histories with a cash reward of 3% of the original loan amount.

"The IOU Cash Back Loan gives us the opportunity to give something back to new clients that put their faith in us to fund their growth plans," said Robert Gloer, CEO. Today's news comes as a follow up to IOU's first quarter results, released on May 21st, 2021 in which the Company announced its intention to invest in product, distribution and technology innovation as part of its Post-Pandemic Growth Plan.

"Small businesses are driving the economic recovery," added Gloer, "and we are proud to support their post-pandemic growth plans with innovative new funding solutions built around their needs."

IOU's Cash Back Loan was developed as a result of a series of focus groups conducted earlier in the year, designed to better understand the financing needs of small business owners.  Available only to qualified new clients, the IOU Cash Back Loan is designed to attract small business owners that meet specific underwriting requirements and who are committed to achieving a perfect repayment history.  Merchants who qualify and meet the criteria will be required to claim their reward in writing within 30 days following the complete repayment of the eligible loan.

About IOU Financial Inc.
IOU Financial Inc. is a wholesale lender that provides quick and easy access to growth capital to small businesses through a network of preferred brokers across the US and Canada. Built on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time, IOU Financial has become a trusted alternative to banks by underwriting US$898 million in loans to fund small business growth since 2009. 

Spotlight

TECHNOLOGY and banking have a long close association. Both have been benefitting immensely by this association. Innovations, which are by definition leveraging technology in unusual ways, have great potential to be disturbing the standard ways in which systems are operated. However, in that process we do gain, nevertheless it is not uncommon that these innovations do inflict pain on the society. Therefore, a careful analysis of the pros and cons, a thoughtful ring-fencing of risks, closer study on pilot basis before scaling up, fine-tuning based on feedback, etc., are required before we adopt such innovations.


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Spotlight

TECHNOLOGY and banking have a long close association. Both have been benefitting immensely by this association. Innovations, which are by definition leveraging technology in unusual ways, have great potential to be disturbing the standard ways in which systems are operated. However, in that process we do gain, nevertheless it is not uncommon that these innovations do inflict pain on the society. Therefore, a careful analysis of the pros and cons, a thoughtful ring-fencing of risks, closer study on pilot basis before scaling up, fine-tuning based on feedback, etc., are required before we adopt such innovations.

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