The Western Union Company WU is now helping agents and businesses affected by the coronavirus outbreak.
The company is one of the approved lenders under the U.S. Small Business Administration’s loan program.
Small businesses, which are integral to the U.S. economy, have been adversely impacted by the COVID-19 pandemic. These businesses will now be able to get loans from Western Union via its U.S. Small Business Administration Paycheck Protection Program, which will partly solve their financial crunch.
Western Union is now accepting loan applications online following which the company will be aiding eligible Western Union Agents and Western Union Business Solutions clients in the United States.
The company has collaborations with more than 10,000 small business houses in the United States that offer cross-border, cross-currency money transfers as well as payments for customers and small businesses. Small business owners use Western Union’s 50,000 plus Agent locations across the nation to offer money transfer services.
Western Union Business Solutions provides services to many small and medium-size firms, covering a diverse range of services to send, receive and manage international remittances.
This program will enable businesses to tide over the existent challenging times. It provides money for payroll, rent/mortgage interest and utilities without any fees, collateral or personal guarantees. The program even offers 100% loan forgiveness if the entire staff is retained on the payroll for eight weeks and a minimum 75% of the money borrowed is utilized on the same.
Earlier too, Western Union took an initiative to enhance its digital money transfer services by encouraging customers to stay home and indulge in contactless transactions only to maintain social distancing and contain the coronavirus spread.
Western Union has been coordinating with its agents, partners and regulators to provide uninterrupted fund transfer facilities to its target communities. Its concerted efforts include easier onboarding, services like “Digital locations” available in certain countries, etc.
Zacks Rank and Stock Movement
Shares of this Zacks Rank #3 (Hold) company have lost 5.8% in a year’s time against its industry’s increase of 3.5%.
The price performance looks dull in comparison to other companies’ stock movement in the same space, such as Repay Holdings Corporation RPAY, Global Payments Inc. GPN and Visa Inc. V, which have returned 80.3%, 9.9% and 8.8%, respectively. While Repay Holdings has a Zacks Rank #2 (Buy), both Global Payments and Visa carry the same Zacks Rank as Western Union. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This young company’s gigantic growth was hidden by low-volume trading, then cut short by the coronavirus. But its digital products stand out in a region where the internet economy has tripled since 2015 and looks to triple again by 2025.
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