IOU Financial Funded $12.1M in March

IOU Financial originated $12.1M in funding to small businesses last month, the company revealed. It was IOU’s biggest loan volume month since the beginning of the pandemic.

The figure was included in an announcement regarding the company’s intention to repurchase up to $2M of Convertible Debentures.

“The move to repurchase corporate debt comes after a year of strategic initiatives as part of IOU’s Pandemic Resilience Plan that focused on reducing corporate expenses while reaffirming commitments from its diverse portfolio of funding sources and capitalizing on new opportunities to continue to support small businesses in 2020,” IOU said.

“IOU’s response to the COVID-19 pandemic in 2020 (‘Pandemic Resilience Plan’) put the Company in a position of strength to consolidate its stake in developing the opportunities ahead,” said Phil Marleau, CEO. “We are proud to be able to stand with our network of brokers and small business owners as we prepare for the economic recovery with great optimism.”

Before the pandemic, IOU originated $154M in funding for all of 2019.