Sam’s Club Offers Small Biz Loans

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July 6, 2010 by Rich Whittle | 1 Comment

USA TODAY is reporting that Sam’s Club said it will offer small business loans of up to $25,000 to its small business members.

The division of Wal-Mart, based in Bentonville, Ark., is testing a program with Superior Financial Group, one of 13 federally licensed non-bank lenders, and will offer $5,000 to $25,000 loans to members who qualify.

Sam’s Club says 15% of its business members reported they were denied a loan in a November survey. That’s up from 12% in April 2009.

The program will focus on minority-, women- and veteran-owned businesses.

Sam’s Club members who apply for a small business loan during the pilot will receive $100 off the application fee, a 20% discount and a discount on interest rates.