DALLAS, April 9, 2020 /PRNewswire/ -- Through their relationship with UPS Capital, Worldwide Express, LLC ("Worldwide Express") — a leading provider of third-party logistics (3PL) services — is extending its support to connect small and mid-sized business customers with much-needed funding resources during these unprecedented times.
"As a result of our partnership with UPS Capital and Kabbage, we are proud to offer our clients a way to easily gain access to these critical relief programs," stated Worldwide Express CEO Tom Madine.
The Paycheck Protection Program (PPP) — part of a stimulus package passed by Congress on March 27, 2020 — will provide guaranteed loans to help small businesses recover from the economic impacts of COVID-19. Offered through the Small Business Administration (SBA), loans are available for up to 250% of an employer's average monthly payroll, with a maximum loan of $10 million.
Due to the anticipated volume of companies applying for PPP loans, many larger banks are not actively accepting new customers. Worldwide Express is partnering with Kabbage, a cash-flow technology company, to ensure small businesses without current banking relationships can apply to access funding to cover payroll, rent, utilities and other eligible debt obligations up to $2 million. Kabbage has partnered with an SBA-authorized bank.
Applications are currently being accepted and over 37,000 have already been received, representing more than $3.5 billion of requested funds. Kabbage will continue to apply its technology to securely review and verify loan applications quickly, providing automated access to funding for small businesses seeking PPP loans.
Worldwide Express will continue to seek ways to leverage its partnerships in order to more broadly support their customers' growth and stability through these extraordinary times and beyond. Customers can visit the Worldwide Express website for updated news and additional financial resources.
About Worldwide Express, LLC
Worldwide Express, LLC ("Worldwide Express") is a full-service, non-asset-based logistics provider offering more than 92,000 customers access to industry-leading small package, truckload and less-than-truckload (LTL) shipping solutions around the world. With an annual systemwide revenue exceeding $1.6 billion through a network of company-owned and franchise locations, Worldwide Express, combined with Unishippers Global Logistics, LLC, is the second-largest privately held freight brokerage company in the country. As the largest authorized UPS non-retail reseller in the U.S., the company is a local partner for the global supply chains of small and mid-sized businesses nationwide. This, coupled with a selective portfolio of 65+ LTL and tens of thousands of truckload carriers, provides clients with an unmatched range of options and flexibility to meet their shipping needs. To learn more about Worldwide Express, please visit www.wwex.com.
Kabbage, Inc., headquartered in Atlanta, is a data and technology company providing small businesses with cash flow solutions. Its suite of products includes Kabbage Funding, which provides access to flexible lines of credit in minutes. To date, Kabbage has provided more than 225,000 U.S. small businesses access to over $9.5 billion of working capital. Kabbage is funded and backed by leading investors and all Kabbage Funding U.S.-based loans, including custom loans, are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC, and are subject to credit approval. To learn more about Kabbage, please visit www.kabbage.com.
About UPS Capital
A financial service division of UPS, UPS Capital offers customers access to industry-leading insurance solutions, providing peace-of-mind for both parcel and freight shipping protection against loss, damage or delay. The global supply chain expertise of UPS Capital uniquely positions them to help protect companies from risk and leverage cash in their supply chains. UPS Capital also offers small businesses with financial solutions for growth through their partnership with Kabbage Funding. To learn more about UPS Capital, please visit www.upscapital.com.
SOURCE Worldwide Express