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UPS to offer loans on cargo
16- Oct-2008
United Parcel Service Inc. said it will make more loans available to small U.S. importers by using in-transit goods as collateral.
The UPS Capital insurance and lending unit will advance U.S. borrowers half the cost of the freight
Loans must typically be repaid within 60 days, Atlanta-based UPS said in a statement.
The program provides an alternative to paying cash up front or using letters of credit, which can be time-consuming and expensive, UPS said.
The service is designed for firms with annual sales of $50 million or less.
Interest rates vary, based on the prime lending rate and the borrower's creditworthiness, said Chris Vukas, a senior managing director in the UPS Capital arm.
Using the goods as collateral is possible since UPS captures data on where the items are at all times, said Bob Bernabucci, president of UPS Capital.
Source: http://www.dallasnews.com/sharedcontent/dws
