IOU Financial, an online lender to small businesses, entered into a $50 million credit facility with Credit Suisse, Cayman Islands Branch. Sector Financial, an affiliate of Credit Suisse, provided access to the Credit Suisse debt facility.
The facility is structured with an accordion and may be increased to $100 million at IOU’s request and the lender’s acceptance.
“We are pleased to announce this new credit facility, which is a testament to our ongoing capital markets efforts,” said Phil Marleau, CEO of IOU Financial. “This new facility enables us to continue to provide efficient, rapid financing that our small business customers need to grow and succeed.”
“We are delighted to have completed this financing which represents a significant step forward in IOU’s funding strategy,” added David Kennedy, chief financial officer of IOU Financial.