Atlanta, GA (PRWEB) November 05, 2013
IOU Central, a leading online small business lender, announced today that Humaneyezed, a provider of niche leads to real estate professionals, has secured its second loan to fund its continued growth. Veteran entrepreneur Jake Fakrell, CEO of Humaneyezed, discovered IOU Central after six months of declined applications with traditional banks, despite having strong credit and profitability. Fast forward to today and Fakrell has put the first loan received from IOU Central to good use, utilizing it to develop and launch a cloud-based version of Humaneyezed’s flagship product, and is using the second loan to add other competitive advantages.
Fakrell’s story is not uncommon. In the past, he had always self-funded his ventures but additional capital was needed to create the new cloud-based system in order to leverage a market opportunity. Over the course of six months, during which time product development was being delayed due to the lack of capital, Fakrell endured the loan application process with multiple banks and was declined by each one. Not to mention, each time a bank ran his application, Fakrell’s credit was being negatively impacted.
“I thought for sure I should be able to get a loan,” he said. “My company was showing a profit, year after year. That, combined with my high credit score, was still not enough to secure even a $30,000 loan. It was very frustrating.”
Fakrell eventually discovered a free, online service that matches business owners with the right business loan via more than 3,000 banks, credit unions and other alternative lenders. After carefully reviewing the different lenders and their proposed terms, he ultimately selected IOU Central. He has since paid off the first loan and been approved for a second one.
“IOU Central was by far the best solution for my needs,” said Fakrell. “It had very appealing rates compared to the other lenders. I also liked that there was no early termination fee if I paid the loan off early. Other solutions charged the interest, took a big lump sum of fees upfront or instituted a penalty.”
“Humaneyezed’s story is one we hear consistently from small business owners,” said Robert Gloer, President and COO of IOU Central. “Not having access to capital stalled its product development and each day was another missed opportunity for Jake and his team to take advantage of a market need. IOU Central’s paperless loan application process is driven by technology and allows us to very quickly help small businesses get the funding they need, often in a matter of just days.”
About IOU Central
IOU Central is a leading online lender specialized in helping small businesses with healthy cash flow. 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 small business 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. Based in metro Atlanta, Georgia, IOU Central is a privately held subsidiary of IOU Financial (CNSX: IOU), which is headquartered in Montreal, Canada. For more information, visit http://www.ioucentral.com.
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