IOU Financial modified and extended its $20 million secured credit facility with MidCap Financial until December 31, 2020. The agreement is comprised of a U.S. dollar equivalent $15 million term loan and a revolver of $5 million.
IOU and Midcap further agreed to allocate $1 million from the facility to support Canadian loan originations. This will be formalized in a separate amendment to this facility.
“Since 2016, Midcap has been a fantastic funding partner for IOU, allowing IOU to lower its funding cost of capital and supporting the company’s continued growth in the U.S. and in Canada. We are very pleased to have concluded this extension and modification to the Credit Facility with MidCap,” said Phil Marleau, CEO of IOU Financial.
IOU Financial provides small businesses throughout the U.S. and Canada access to the capital they need to seize growth opportunities quickly.
