The UPS Store Offering an Additional $300,000 in Incentives
The UPS Store ® (NYSE:UPS) franchise network today announced it has extended approximately $300,000 more in financial incentives for up to 10 qualified U.S. military veterans interested in opening a new location. This commitment is part of “Operation Enduring Opportunity,” a national initiative to recruit and/or hire as many as 75,000 military veterans and their family members by the end of 2014.
The UPS Store participated in the first round of “Operation Enduring Opportunity” last November by waiving the franchise fee of $29,950 for 10 qualified U.S. military veterans who were first-time franchisees wishing to open a new location. Securing those 10 veterans by early April, The UPS Store decided to extend the offer.
“The response and the stories we heard from veterans interested in joining The UPS Store family have been truly inspiring,” said Stuart Mathis, president of The UPS Store franchise network and a member of the International Franchise Association Board of Directors. “After hearing from the first 10 veterans, we wanted to do more. We’re excited to extend the incentive offer to another 10 veterans.”
Mickey Ayres was the first person to take advantage of this increased financial incentive earlier this year. Ayres, a Navy veteran, had been looking for a franchise opportunity where he could use his military training and a master’s degree in logistics. “Financing was always an obstacle,” said Ayres. “The discount The UPS Store offered through its participation in Operation Enduring Opportunity made my dream a reality.” Ayres’s The UPS Store location will open in Colorado Springs next month.
In addition, The UPS Store franchise network and the Paralyzed Veterans of America are exploring the opportunity to open a location where the not-for-profit would be the franchisee, providing job training and employment opportunities for its veterans.
As part of this proposed relationship, The UPS Store franchisor would waive the franchise fee for this location.
Tim Davis, vice president of operations for The UPS Store franchise network and a former U.S. Marine, announced the extension of the company’s initiative at a local news conference today at Petco Park in San Diego.
“It is humbling to see other veterans realize their dream of opening their own business,” said Davis. “Veterans have experiences that really apply to running a small business. They are accustomed to structure and the skills taught and nurtured in the armed forces, listening, problem solving, being able to think on your feet, laying out a mission, setting goals and executing.”
The UPS Store “Operation Enduring Opportunity” incentive is available now through Dec. 31, 2012, to the first 10 U.S. veterans who sign a letter of intent. After that time, qualified U.S. veterans interested in joining The UPS Store family will continue to receive the franchised network’s standard VetFran incentive.
Additional incentives are also available. The UPS Store franchisor is working in collaboration with a franchisee lending program created by Franchise America Finance™(FAF) and The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), which included $15 million in available funding for the development of new locations for qualified applicants. As part of “Operation Enduring Opportunity,” FAF will waive the packaging fee and The Bancorp Bank will credit the SBA guarantee fee for any of these 10 veterans who meet the necessary qualifications for access to this pool of money. This could provide approximately $5,000 in additional savings per veteran.
The UPS Store network’s announcement is made in conjunction with the International Franchise Association (IFA), Veterans of Foreign Wars (VFW) and the U.S. Chamber of Commerce and Chamber Foundation’s Hiring Our Heroes initiative. With unemployment rates for some groups of veterans hovering around 18 percent, franchisors held similar events in 11 other cities to help veterans access opportunities in small business ownership and employment, including a new free online Veterans Franchise Toolkit and a new Mentor Network to connect veterans to business leaders and jobs.
The franchise industry includes more than 825,000 franchise establishments that support nearly 18 million jobs. According to a recent study based on U.S. Census data, there are more than 66,000 veteran-owned franchise establishments in the U.S., providing jobs for 815,000 Americans. More than 2,100 veterans have become franchise business owners through the IFA’s VetFran program, originally established in 1991. More than 250 The UPS Store locations are operated by veterans and more than 150 The UPS Store franchises have been awarded to first-time veteran buyers through VetFran since 2004, resulting in more than $1 million in discounts.
In addition to professional printing services, The UPS Store franchised centers offer a variety of services to help with the logistics of running a small business including, mailboxes with a real street address, packing and shipping services, direct mail and notary services. For additional information on The UPS Store network, including information on franchise opportunities for U.S. veterans interested in opening a The UPS Store location, visit www.theupsstore.com.
With nearly 4,700 locations, The UPS Store network comprises the world’s largest franchise system of retail shipping, postal, print and business service centers throughout the U.S., Puerto Rico and Canada. In the U.S. and Puerto Rico, The UPS Store locations are independently owned and operated by licensed franchisees of Mail Boxes Etc., Inc., a UPS subsidiary. In Canada, locations are independently owned and operated by licensed franchisees of master licensee MBEC Communications, L.P.