UPS Capital partners with Kabbage to Offer Loans to Small Businesses
ATLANTA, June 16, 2015 –
UPS Capital®, a subsidiary of UPS® (NYSE:UPS) that provides supply chain financial, insurance and payment services, announced today a partnership with Kabbage®, a leading technology and data platform that powers automated small business lending. UPS Capital can now offer its small business customers seamless, real-time access to capital via Kabbage, to deliver the borrowing power they need to grow their businesses. The Kabbage technology platform continuously monitors the health and seasonality patterns of its customers to automatically deliver the right level of funding to each customer at the right time.
“Small businesses are essential to America’s economy, as they are responsible for two out of every three new jobs in the United States,” said Ronald Chang, president of UPS Capital. “Since the recession, small businesses have had a difficult time accessing the capital they need to manage cash flow, hire new employees or purchase new inventory and equipment. By partnering with Kabbage, UPS Capital can now help more small businesses grow and achieve their potential.”
“UPS has been an important investor and partner for Kabbage since we launched four years ago,” said Rob Frohwein, Kabbage co-founder and CEO. “We are thrilled to expand this relationship today to be able to seamlessly deliver capital to millions of UPS small business customers.”
© 2015 United Parcel Service of America, Inc. UPS, the UPS brand mark and the color brown are trademarks of United Parcel Service of America, Inc. All rights reserved.
Insurance is underwritten by an authorized insurance company and issued through licensed insurance producers affiliated with UPS Capital Insurance Agency, Inc. or licensed international UPS Capital insurance brokerages. Customized declared value and UPS Proactive Response Secure are products of United Parcel Service, Inc. and are administered by UPS Capital. Loans are made in California pursuant to a Department of Corporations California Finance Lenders License. C.O.D. Enhancement Services are offered through UPS Capital Trade Protection Services, Inc. All services in connection with the UPS Capital Merchant Services Program are provided by WorldPay US, Inc., a Registered ISO/MSP of CitizensBank, N. A., Providence, RI. All services in connection with the UPS Capital Credit Card Fraud Protection program are provided by CardinalCommerce.com, Inc. and all fees charged for services are determined by CardinalCommerce.
HOW DOES KABBAGE WORK?
- Offers lines of credit $2K – $100K
- Paid back in monthly installments over 6 months
- Interest rate is depending upon financials and decided by Kabbage, Capital has no say
- Not linked to Transportation or UPS, meaning customer can spend money on what they want, doesn’t have to be transportation related
- Unsecured Line of Credit
- At least $2,500/month in sales in the last 3 months
- Customer has been in business at least 1 year
- Not linked to transportation spend
- At least 21 years old to apply
- US Citizen