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A Conversation With IOU Financial’s COO and President, Robert Gloer

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A Conversation With IOU Financial’s COO and President, Robert Gloer

Written by Caitlin Wood

A Conversation With IOU Financial’s COO and President, Robert Gloer

IOU Financial, an online lender specializing in funding established businesses both in Canada and the U.S, is one of the country’s top growing companies. With ten years of experience, IOU has been able to not only fund over 10,000 small business across North America, but has also built an ecosystem of trusted partners and is on its way to being one of the top lenders that business owners and entrepreneurs turn to when looking for the best funding options for their business.

We got the chance to ask COO and President, Robert Gloer about IOU Financial, what Canadian business owners need to do to get funded, and how these owners will benefit from choosing a to work with IOU. 

From start to finish, how much time should a business owner expect to commit to applying with IOU Financial?

The online application is really very simple and only takes about five minutes. After that, the business owner uploads a few documents and within a few hours will receive a phone call from one of our Business Loan Consultants to help them understand our loan offer and products. Our Loan Consultants work with the small business owner to make sure IOU understand their needs so that we provide the right loan product that helps their business grow. 

How can a business owner, looking for financing, prepare to apply for a business loan with IOU Financial?

A business owner will need to have the most recent 90 days’ business bank statements and current government-issued photo identification to get the process started. We have had merchants apply for funding in the morning and have funds wired to them the same day. Generally, 24-48 hours is the typical timeframe, but we also don’t rush the small business owner. Sometimes they will apply to see how much they will qualify for, or how much the use of funds will cost overall to make sure the loan product is right for them and their business. 

Do you specialize in working with businesses from specific industries? Or are all Canadian businesses welcome to apply?

All established Canadian businesses are welcome to apply. If we can’t fund it directly, we may be able to refer the small business owner to one of our partner lenders that can help them with their capital needs. 

What is the largest loan size you can provide?

The max loan size in the United States is $500k and in Canada is $150k.

What are your funding requirements?

We are looking for businesses that have been in business for two or more years, deposit at least 10 times per month with $10k per month in gross deposits, limited negative days, $3k average daily balance, 600+ FICO scores for one of the principles of the business. However, we have sources for loans or advances from other lenders and funders as well that have different requirements should a business owner not qualify with IOU. 

How will a Canadian business owner benefit from working with IOU Financial? And why should a business owner choose IOU over their local bank? Over other business loan providers?

IOU Financial Team

We recommend a small business owner always talk to their bank first. If a small business owner can get the capital they need from their bank, they should. It’s the lowest cost of capital out there. When working with our merchants, we find most banks cannot fill the need for small business loans in a time-efficient manner, or cannot offer a non-collateralized loan. We offer a very frictionless, fast option for small business owners, but that speed and ease is more expensive than what they might get from a bank. IOU is a publicly-traded company headquartered in Montreal Canada and trades on the TSX-V: IOU. I would also ask that the interested small business owner check out our Trustpilot reviews and see what our clients say about our loan products and the professional team they encounter at IOU. We really pride ourselves on our excellent level of service throughout the entire loan process.

Finally, is there one piece of advice you would like to give all business owners in Canada?

If you need money quickly— for example, to buy discounted inventory on a time crunch, or need a piece of equipment replaced immediately — think through the “cost of the loan” and the “loss of revenue and/or clients” if you don’t act now. Research and understand the various products on the market and see how each could serve your needs. There are so many products available to the business owner today: factoring receivables, factoring invoices, small business loans, or merchant cash advances. Feel free to call one of our loan consultants to talk through the various options if you have questions. We are not a high stress, fast-talking sales group. We truly succeed when our merchants succeed. We want to see you make the right, informed decisions for your business and we value transparency in the lending process and our loan products. 

Robert Gloer

President and Chief Operations Officer
Robert Gloer

Robert Gloer joined IOU Financial in December 2008, where he serves as President and Chief Operations Officer. Prior to IOU Financial, Mr. Gloer worked at First Franklin Financial Corporation, a subsidiary of Merrill Lynch, serving as SVP East Region, and Director of East Coast. Leading over 450 employees to the top of six regions, Mr. Gloer was responsible for the oversight of all sales and operations, as well as $5B in annual originations. Prior to First Franklin, Mr. Gloer was SVP of Loan Administration for Credit Depot, where he was responsible for Investor Relations, Secondary Marketing, and Underwriting. Prior to this, Mr. Gloer worked for Equicredit Corp, a Nations Bank Company. 


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