Kabbage, the online small business lender, has announced a partnership to make loans to customers of United Parcel Service, the global delivery firm.
Under the deal, companies that are UPS customers will have real-time access to capital from Kabbage, according to a June 16 press release. Kabbage reached the agreement with UPS Capital, a unit of UPS.
One of Kabbage's chief selling points is its ability to approve loan applications in minutes. The company offers online small business loans of $2,000 to $100,000; the loans range from one month to six months and generally carry significantly higher annual percentage rates than bank loans.
UPS and Kabbage are both based in Atlanta, and Tuesday's press release stated that UPS has been an investor in Kabbage since the online lender launched four years ago.
Financial terms of the new partnership were not disclosed.