Atlanta, GA (PRWEB) July 09, 2013
IOU Central, a leading online small business lender, today announced a partnership with Biz2Credit, which connects lenders with pre-screened small business owners seeking capital. Through the partnership, IOU Central will accept and process small business loan applications from qualified members of Biz2Credit's network of over 1.6 million small companies.
Due to tightening lending guidelines, processing costs and increased regulations, traditional banks are struggling to fulfill the capital needs of small businesses, leaving many owners searching for alternative lending sources. The 2012 Federal Reserve Bank of New York Small Business Borrowers Poll stated that 36 percent of respondents cited access to capital as a barrier to growth. Both IOU Central and Biz2Credit aim to reduce this obstacle by bringing small business owners a cost-effective lending option.
“Our online application and lending process was a natural match for Biz2Credit’s network of small businesses,” said Robert Gloer, president and COO of IOU Central. “Both IOU Central and Biz2Credit strive to bring small business owners the best alternative to traditional bank loans in an efficient manner. We’re confident the partnership will expand the reach of both companies.”
Alternative lenders approve nearly two-thirds of funding requests, according to the recent Biz2Credit Small Business Lending Index, a monthly report on small business loan approvals. Meanwhile, big banks ($10B+ in assets) typically reject eight out of ten funding requests.
“The alternative lending industry is growing rapidly due to the increasing number of small business owners unable to attain capital,” said Rohit Arora, CEO and co-founder of Biz2Credit. “Our goal is to match small business owners with the best lending source possible, and we’re happy to welcome IOU Central as a partner and preferred lender. Its clear, concise and quick loan application process makes it an excellent match for many of our members.
“By integrating on our platform and fully automating its loan application process, IOU Central is able to eliminate mountains of paperwork, streamline its credit decision-making operation, make better informed decisions and process more loans in a shorter period of time. This will save applicants and loan officers the time and frustration that they might otherwise encounter.”
Founded in 2007, Biz2Credit Business Loans is a leading credit marketplace connecting small- and medium-sized businesses with lenders, service providers, and complementary business tools. Using the latest technology, Biz2Credit matches borrowers to financial institutions based on each business’s unique profile – completed in less than four minutes – in a safe, efficient, price-transparent environment. Biz2Credit’s network consists of 1.6 million users, 1,100+ lenders, credit rating agencies such as D&B and Equifax, and small business service providers including CPAs and lawyers. Having arranged $850+ million in funding throughout the U.S., Biz2Credit is widely recognized as the #1 online credit resource for small business loans, lines of credit, equipment loans, working capital and other funding options. Follow on Twitter @Biz2Credit and Facebook at http://www.facebook.com/businessloan.
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 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.