Sam's Club will offer small business loans

Sam's Club said Tuesday it will offer small business loans of up to $25,000 to its small business members.

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

Sam's Club says 15 percent of its business members reported they were denied a loan in a November survey. That's up from 12 percent 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 percent discount and a discount on interest rates.

Read Full Article from The Associated Press

- Posted: 2010-07-06 08:32:19

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