UPS offering loans to import business - WDRB 41 Louisville News

UPS offering loans to import business

Louisville's largest private employer wants to help some of its customers, and at the same time help its own bottom line. UPS is offering loans to those in the import business.

During these times of economic uncertainty, UPS is trying to be creative to expand its international business. At Louisville International, UPS cargo planes line up for destinations all over the world. Like other businesses UPS has been affected by a weak economy and soaring fuel costs.

"We're always looking for ways to grow trade internationally. That's going to be where we think business in headed and that's what we want to see happening," said Mike Mangeot, UPS Airlines

So the shipping giant with its air hub in Louisville is creating a new product to keep and to gain customers. It's called Cargo Finance.

"The idea behind it is to remove barriers for small businesses to get into international shipping," said Mangeot.

Cargo Finance will allow importers who do business with UPS to essentially borrow money from the shipping giant.

"A US importer puts up 50 percent of the cost of an international transaction. We pay 100 percent of that to the person on the other end of the transaction overseas and then we recoup the rest of that money as a loan with payments over time," said Mangeot.

With rising fuel cost UPS has been working to improve its bottom line. It hopes to save millions by having its pilots taxi with one engine when they can.

"We are managing our ground taxi times very carefully we have a computer system in place that allows us to save 400,000 gallons of fuel a year in terms of taxi time on the ground," said Mangeot.

Despite challenging economic times, the expansion here at Worldport continues. There always seems to be construction here.

"We are getting more ramp parking space for our growing air fleet. We're taking delivery of larger aircraft like 747-400's MD11's and 767's and we need places to park these planes," said Mangeot.

UPS has more information about this loan program on its website which you can get to by going to our website at fox41.com and clicking on newslinks.

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