Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On April 23, 2009, IA Global Inc.'s wholly owned subsidiary Global Hotline, Inc. ("Global Hotline") signed an amendment extending the term of its working capital loan with Mitsui Sumitomo Bank Co Ltd to June 30, 2009.

The loan was entered into on July 27, 2007, and was for 200,000,000 Yen, or approximately $1,623,000 at then exchange rates. The loan was amended on August 1, 2008, requiring a monthly repayment of 5,555,000 Yen, or approximately $51,000 at then exchange rates starting on August 31, 2008. The interest rate was increased to 3.375% and interest was payable monthly starting on August 31, 2008. On February 2, 2009, the monthly repayment was to be reset over the remaining payment term, which expires on July 31, 2011 or could require repayment. On February 5, 2009, an amendment was signed extending the term of this working capital loan to March 31, 2009 and increased the interest rate to 3.975%. On March 31, 2009 an amendment was signed extending the term of this working capital loan to April 30, 2009.

This loan is guaranteed by Hideki Anan, the CEO of Global Hotline. As of February 5, 2009, the loans are collateralized by the accounts receivable of Global Hotline.

The amendment will be filed as an exhibit to the Form 10-K for the twelve months ending March 31, 2009.