Frequently Asked Questions
IOU Financial Loans
What is IOU Financial?
IOU Financial operates an internet-based lending platform aimed at owner-operated businesses with daily sales. IOU Financial allows owner-operated businesses with daily sales (cafes, restaurants, retail stores, dry cleaners, medical offices, franchisees, etc.) to apply for 6, 9, 12, 15 or 18 month loans that range between US$5,000 and US$150,000 and that are repaid daily over the term of the loan directly out of the business’ bank account.
Is IOU Financial regulated?
Our lending activities are subject to federal, state and local regulation. We must comply with applicable state laws, including state lending laws and licensing and disclosure requirements. IOU Financial is licensed and/or registered with all states in which we conduct business.
Does IOU Financial service the loans?
IOU Financial reserves the right to service all business loans originated through its lending platform or send them to an outside agency.
What is the Origination Fee?
IOU Financial charges an origination fee to borrowers. The origination fee is a percentage of the loan amount and will be added to your loan amount. Your gross loan amount will include your origination fees and do NOT have to be paid upfront. Your funding will be for the net loan amount: (Total Loan) – (Origination Fees) = (Deposit Amount)
Is IOU Financial a Merchant Cash Advance Company?
No, IOU Financial is not a merchant cash advance company. Our loans are true business loans with fixed terms and payments.
How much Capital can I borrow?
IOU Financial Offers loans from $5,000 to $150,000 depending on the monthly cash flow of your business, and your business risk score.
What is a Loan Guaranty Fee?
Simply put a loan guaranty fee is a charge assessed on a small business loan relative to the risk associated with it. IOU Financial loans are not insured against losses by any government agency. This loan guaranty fee is collected on all loans to offset default costs associated with our small business lending activities.
How is IOU Financial related to IOU Central?
From 2008 to June 2015 IOU Financial operated as IOU Central in the United States. As of 6/1/2015 the US subsidiary took the name of its Canadian parent, IOU Financial. IOU Financial operates offices in Montreal Canada (its Headquarters) and Atlanta, GA (Operations Center). IOU Central remains the legal business name on all lending and legal documents in the United States. IOU Financial Canada Inc. is the legal business name on all lending and legal documents in Canada.
IOU Financial Investor Relations
What Does IOU Financial Do?
IOU Financial provides successful small business owners access to the capital they need to seize growth opportunities quickly. Its advanced, automated application and approval system accurately identifies business health, enabling us to make loans of up to $150,000 within a few business days, and at favorable charges, to qualifying businesses.
Where are IOU Financial Shares traded?
IOU Financial’s shares are traded on the TSX Venture Exchange, under the symbol “IOU”
When does IOU Financial release Quarterly and Annual Reports?
IOU Financial operates on a December 31 year end. It is obligated under securities laws to release its quarterly financial results within 60 days of each quarter end and its annual financial results within 120 days of the year end.
Who are IOU Financial’s Directors and Officers?
IOU Financial has four Directors: Evan Price, Phil Marleau, Guy Charette, and David Cynn.
The company has three officers: Phil Marleau is President and CEO of IOU Financial, Mayco Quiroz is Secretary, Treasurer and CFO and Paul Hamilton is CTO.
Where is IOU Financial’s Head Office located?
1 Place Ville-Marie, Suite 1670, Montreal, Quebec H3B 2B6
Who is IOU Central’s Transfer Agent?
Computershare Investor Services
100 University Ave., 9th Floor, North Tower
M5J 2Y1 Canada
What is O’Leary Financial Group?
O’Leary Financial Group is a group of brands and products that share Kevin O’Leary’s guiding principles for business, including honesty, directness, and, above all, great value.
Why did Kevin O‘Leary invite IOU Financial into O’Leary Financial Group?
Kevin O’Leary is constantly seeking first-rate services and solutions for the businesses that he owns and invests in. When he discovered IOU Financial he was amazed at not just our reliability and efficiency as a lending company, but also our direct alignment with his own business values.
Does Kevin really recommend IOU Financial to the companies he invests in?
Yes. Kevin O’Leary personally recommends IOU Financial as his preferred small business lending solution to the companies he invests in both on and off Shark Tank.
What are the conditions of the Partnership?
Our partnership with O’Leary Financial Group is dependent on the continued alignment of our mutual values—specifically: honesty, directness, convenience, and above all, great value.
Does Kevin O’Leary own IOU Financial?
Although IOU Financial is O’Leary Financial Group’s preferred partner, Kevin O’Leary does not own IOU Financial. O’Leary Ventures is, however, entitled to a set number of shares in IOU Financial.
Is Kevin being paid for endorsing IOU Financial?
Kevin O’Leary works directly with our team to ensure that IOU Financial’s services continue to meet and exceed the needs of our customers. As is such, Kevin may receive compensation based on company performance.