Shark signs agreement with online lender

Kevin O’Leary, the famously outspoken investor from US television show Shark Tank, has signed an endorsement agreement with IOU Central, an online lender to small businesses. The Canadian businessman’s company, O’Leary Financial Group, has agreed to endorse IOU Central as its preferred lending partner for small businesses in need of short-term capital.

O’Leary said in a statement: “I'm constantly in search of first-rate services and solutions for the businesses that I own and invest in. When I discovered IOU Central, I was amazed at not just their reliability and efficiency as a lending company, but also their direct alignment with my own business values. I want to ensure small business owners have access to a quality, trustworthy alternative lending source. That is why I am welcoming IOU Central as a member of the O'Leary Financial Group.” 

IOU Central, which is based in Atlanta, Georgia, is a privately held subsidiary of IOU Financial which is headquartered in Montreal, Canada. It provides access to capital for small business with loans ranging from $5,000 up to $100,000. Loans are usually approved and funded within two to three days, according to the statement.

Brian Stupp, vice president of marketing at IOU, said: “We are excited about our new partnership with Kevin. His endorsement of IOU Central is a testament to our team and vision of being the number one resource in small business growth and expansion. IOU Central started as a small business, lending to small business. It is our heritage, and it helps us to understand our customers so that we can treat them the way we would want to be treated.”