DENVER--(BUSINESS WIRE)--The Western Union Company (NYSE: WU), a leader in cross-border, cross-currency money movement and payments, is now one of a few non-bank approved lenders providing access to small business loans through the U.S. Small Business Administration Paycheck Protection Program. The company now can accept loan applications online and provide financial assistance to eligible Western Union Agents and Western Union Business Solutions clients in the United States.
Across the U.S., Western Union has collaborative relationships with more than 10,000 small business owners who offer cross-border, cross-currency money transfers and payments for customers and small businesses. Small business owners play an important role in offering money transfer services via Western Union’s 50,000+ Agent locations across the nation. Western Union Business Solutions serves an impressive list of small and medium size enterprises covering a wide spectrum of services to send, receive and manage international payments.
“Small businesses have been hit especially hard by the COVID-19 crisis and we want to do our part to help,” said Hikmet Ersek, CEO Western Union. “We are grateful to all of our small business partners, merchants, and retailers who are an important part of our Western Union Global Network and Payments Client base while playing a major role sustaining economic activity in the United States, and whose critical role is even more important during these challenging times.”
“We are honored to offer this program by deploying our capital and expertise in credit and compliance, to help our Agents and business clients experiencing economic hardship the ability to steer through these challenging times while retaining employees and sustaining business.”
As part of the U.S. Government’s Coronavirus Aid, Relief and Economic Security Act, successful and approved applications will gain financial support through the U.S. Small Business Administration (SBA) to keep their workforce employed, and business operational. The loan provides funding for payroll, rent/mortgage interest and utilities with no fees applied and no collateral or personal guarantees required. Qualifying loans are fully guaranteed by the SBA.
The program offers 100% loan forgiveness if all employees are kept on the payroll for eight weeks and at least 75% of the funds are used for payroll. Applications close on June 30, 2020; and funds are limited based on available government funding and at Western Union’s discretion.
U.S.-based businesses in select industries with 500 or fewer employees are eligible. Some non-profit organizations, veterans’ organizations or Tribal business concerns with more than 500 employees may also qualify, along with self-employed persons and independent contractors.
To learn more about the COVID-19 (coronavirus) Small Business Paycheck Protection Program, please visit the US Small Business Administration website. Or visit the Western Union Paycheck Protection Program website.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of March 31, 2020, our network included over 550,000 retail agent locations offering our branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 75 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.