Sam's Club Testing Small-Business Loan Program
Sam's Club, the discount warehouse chain owned by Wal-Mart (WMT), may begin offering loans to small businesses.
Sam's Club and Superior Financial Group are testing an online program to offer loans of $5,000 to $25,000 to qualified members, Sam's Club said in a statement.
Only 50% of small businesses that tried to borrow in 2009 got all or most of what they needed, compared with 90% in the middle of the last decade, according to a survey by The National Federation of Independent Business.
""Access to capital is a major pain point for our members and the small business Main Street community," said Catherine Corley, vice president, Membership at Sam's Club. "We believe this pilot program is a step in the right direction to help fuel small business growth and create jobs to stimulate our economy."