After learning that 15% of its small business members were denied a loan to keep their operations running, Sam's Club launched a national pilot program that would make capital available to them.
Sam's Club, a division of Wal-Mart Stores Inc., has partnered with Superior Financial Group, a federally licensed nonbank lender that provides SBA loans mostly to businesses owned by women, minorities and veterans, the company said July 6. Loans from $5,000 to $25,000 will be available under the SBA's Community Express, Patriot Express and Export Express loan programs.
Sam's Club members will receive $100 off the $500 application, packaging and processing fee, a 20% discount and a 7.5% APR. The term of the loan is 10 years and there is no early repayment penalty. Business memberships cost $35 annually at Sam's Club. Members can apply online for the loans. This newest addition complements other business services including merchant credit card processing, order-ahead programs and early shopping hours.
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