Atlanta, GA (PRWEB) May 02, 2013
IOU Central, a leading online small business lender, announced today that it completed the first quarter of 2013 with accelerated growth. The company’s continued success is a strong indicator of the gap between traditional banks that are unable to justify the cost benefit of smaller loans and small business owners in need of capital to seize growth opportunities.
Compared to the first quarter of 2012, IOU Central processed over three times the amount of loan applications and the amount of loans funded increased over five times. As a result of new employee hirings and increased interest in the company’s offerings, IOU Central anticipates funding more loans in the first half of 2013 than in the entire previous year. These milestones not only speak to the state of small business lending in the United States, but also to the success of IOU Central as a leader in bringing small business owners the capital they need to succeed.
Loan Applications: $37.0 million (Q1 – 2013) $10.7 million (Q1 – 2012)
Loans Funded: $8.7 million (Q1 – 2013) $1.6 million (Q1 – 2012)
“IOU Central’s significant investments in technology, people, process and product development are resulting in tangible outcomes for our partners and small business clients – from quick loan approval and funding times to customized products and tools,” said Robert Gloer, president and COO of IOU Central. “We strive to bring small business owners the best alternative to traditional bank loans by making the application process as easy, fast and straightforward as possible. We have invested a tremendous amount of time into developing a technology platform that allows us to do this and the result is a small business loan application and approval process that is extremely effective and efficient.”
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.
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