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SOURCE: Carabiner Communications
Small Businesses Increasingly Turn to IOU Central as an Alternative to Traditional Banks
Atlanta, GA (PRWEB) February 06, 2013
IOU Central, a leading online small business lender, achieved several growth milestones in 2012, including nearly tripling the number of loan applications processed over 2011. The company also saw a significant increase in the dollars loaned to small business, which grew nearly 400% over the previous year.
The increase in loan applications not only speaks to the success of IOU Central as a leader in the alternative lending industry, but also to the state of small business lending in our country. Due to traditional banks being unable to justify the cost benefit in lending to small business owners, and according to Reuters/PayNet, small business lending sank to a 14-month low in September 2012 and saw only a 1% increase in December 2012. IOU Central has been able to successfully close this gap by offering small business owners a viable lending alternative.
“It is true that small business drives our economy and most of the companies we work with are financially healthy and well established,” said Robert Gloer, President and COO for IOU Central. “When we look back at last year and the reasons small businesses needed capital, it was primarily to take advantage of a growth opportunity. More than 70% of our loans were to help businesses buy inventory, expand their current location or to purchase new equipment. Small business owners need loan alternatives to continue growing, not because they’re in trouble.”
As more small businesses turned to IOU Central in 2012, the company responded by opening a new corporate office in Kennesaw, GA and adding employees to meet growing demand. On the technology front, IOU Central released a new version of the technology behind its online application and approval process, showing its continued investment in delivering a secure, seamless and automated alternative to small business owners. IOU Central’s technology platform now interfaces with a dozen different websites to gather traditional and non-traditional data, resulting in a simplified and sophisticated, 100% paperless process from start to finish and revolutionizing the way that small business owners obtain capital.
“It’s extremely rewarding to grow both as a company but also in the number of loans we are funding for small business owners who need a trustworthy alternative lending source to achieve their goals,” added Gloer. “It’s no doubt that our industry is growing at a rapid rate and our goal is to continue evolving as a lender and improving our technology so that we can offer small business owners the most efficient, cost effective alternative to traditional banks.”
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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