Sam’s Club, SBA Team Up in Small Business Loans of $25K

Sam's ClubSam’s Club said today it is testing a program that would make $5,000 to $25,000 small business loans available to its members who qualify.
Calling it a first-of-its-kind program, the division of retail giant Wal-Mart Inc. is partnering with Superior Financial Group, one of a group of federally-licensed nonbank lenders and a leading Small Business Administration facilitator.
In a November 2009 small business survey, Sam’s Club found that nearly 15 percent of its business members reported being denied a loan to run their operations, up from 12 percent in April 2009.
“Access to capital is a major pain point for our members and the small business Main Street community,” said Catherine Corley, vice president for 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.”
Many people who run businesses already look to small business loans florida to help with their needs, and whilst this market will not disappear many more local services will be able to benefit from this plan.
It’s also strategic marketing for a loyal segment of Sam’s Club customers. The program will complement other services that cater to small businesses, including low rate merchant credit card processing, convenient order-ahead programs and early shopping hours.
Superior Financial is one of 13 approved Small Business Lending Corporations (SBLCs) regulated by the SBA. They specialize in underserved borrowers.
Sam’s Club members who apply for a small business loan online will receive a $100 off the application fee, a 20 percent discount and a 7.5 APR, which is 25 basis point discount – during the pilot phase.
The terms of the loans are 10 years, which helps keep monthly payments low. There is no penalty for early repayment. Business memberships cost $35 annually at Sam’s Club.

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