Sam's Club will offer small business loans

[July 06, 2010]  BENTONVILLE, Ark. (AP) -- Wal-Mart's warehouse chain Sam's Club says it is offering small business loans of up to $25,000 to its 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.

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.

[Associated Press]

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