Atlanta, GA (PRWEB) August 27, 2013
IOU Central, a leading online small business lender, announced today that Feather Baby, a retailer specializing in baby clothing made from eco-friendly, high-quality Peruvian cotton, has applied for and received a second loan, this time to fund an upcoming line of play clothes for toddlers. Feather Baby secured its first loan from IOU Central in December 2012, which was used to help fund production of its popular baby clothing line for its own store in Decatur, Ga., and to fulfill significant pre-orders from retail partners.
Like many small business owners today, Sude and Joe Peta, owners of Feather Baby, were unable to secure a traditional loan. “We had a good relationship with the bank, a successful retail location, a history of impeccable credit and pre-orders from retail customers we’d worked with for years, but the bank still wouldn’t approve the loan,” said Joe Peta. “We were particularly discouraged by the paperwork required and the bank’s inability to understand our needs as a small business.”
The Petas were looking for alternative loan options when a trusted resource recommended IOU Central. The couple completed an application on the IOU Central website and were approved for a loan within just a few business days. With the initial loan, the Petas were able to fund production and meet the high demand for Feather Baby clothing. Since then, Feather Baby has continued to grow and will launch the new line of high-end play clothes for toddlers later this year.
“It seemed like a natural fit to return to IOU Central for a second loan and once again, the turnaround was surprisingly quick. The process of obtaining and paying off the first loan was so easy that working with them again was a no brainer,” said Peta.
“Most of our borrowers are small business owners who are successful but need capital to grow and were unable to secure a traditional loan,” said Robert Gloer, president and COO of IOU Central. “Our technology supports an online loan application process that’s fast and easy, and can potentially provide a check in as little as 48 hours. For Feather Baby, having a lender that could offer a quick turnaround, with reliable terms, made all the difference and resulted in the Petas coming back for a second loan.”
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.