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Small Businesses Owners Continue to Rely on IOU Central as Low Cost Alternative to Traditional Banks; Volume of Loan Originations Rose 400 Percent in 2013 Over Previous Year
Atlanta, GA (PRWEB) February 06, 2014
IOU Central, a leading online small business lender, announced today that it wrapped up 2013 with significant growth milestones that further illustrate the existing gap between small business owners and traditional banks. The company is well poised for future growth after it saw a significant increase last year in the dollars loaned to small businesses and, for the nine-month period ending September 30, 2013, its volume of loan originations rose 400 percent over the previous year.
Such growth not only speaks to the success of IOU Central as an alternative lender, but also to the state of small business lending in our country via traditional sources, said IOU Central President and COO Robert Gloer.
Risk-averse banks continue to be unable to justify the cost benefit of smaller loans, equating to tight credit standards for small business owners. This isnt a new problem, however, but one that appears to be stagnating. FDIC data shows a 19.1 percent decrease in small business loans since the start of the Great Recession, while loans to midsize and large companies rose from a total of $1.5 trillion in 2007 to $1.9 trillion in 2012a 12 percent increase, CNBC reports. As a result, more small businesses continue to turn to alternative lenders like IOU Central.
Weve seen firsthand that although the credit markets have thawed a bit, its still extremely difficult for small business owners to secure capital from banks, said Gloer. IOU Central is successful because small business owners trust and rely on us to help fund their growth at a time when banks are still unable to meet their needs. Our goal in 2014 is to continue enhancing the technology that drives our loan application and approval process to make it as efficient as possible. We can then pass the related savings on to borrowers and maintain our status as the lowest cost alternative lender.
In addition to a bolstered sales force, IOU Central has also added experts to further its technology investment for delivering a simplified, 100 percent paperless process from start to finish. The company plans to announce some exciting new capabilities for borrowers and broker partners later this year.
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 e-commerce companies. In a unique approach to lending, IOU Centrals 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 Centrals 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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