IOU Financial, an online lender to small businesses has modified and extended its $22 million secured credit facility with MidCap Financial until December 31, 2022.
The modified interest rate of the credit facility is LIBOR plus 5.5%, down from LIBOR plus 8.5%.
“Since 2016, Midcap has been a solid funding partner for IOU, supporting the Company’s continued growth in the U.S. and in Canada,” said Phil Marleau, CEO of IOU Financial. “This credit facility enables us to continue to provide efficient, rapid financing that our small business customers need to grow and succeed.”
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IOU Financial provides small businesses throughout the U.S. and Canada access to the capital they need to seize growth opportunities quickly.
