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    1 Reply Latest reply on Jul 6, 2010 11:24 PM by surepayguy

    Sam's Club to offer small business loans

    Barky Dog Tracker
      Hi All,

      I know that many of my fellow small business financing are looking for ways to realize additional funding. I saw this article by the Associated Press today. Sam's Club is going to be providing loans to small business loans. Could be an option to consider. You can find the link to the article below.

      "BENTONVILLE, Ark. (AP) - Wal-Mart's Sam's Club chain is teaming up with a lender to offer loans of up to $25,000 to its small business members.
      The program is one of several moves the retail giant has made to offer bank-like financial services to customers, in part to help them spend. It also comes as the retailer tries to improve profitability at its warehouse-club chain.

      The division of Wal-Mart Stores (WMT), which is based in Bentonville, Ark., is testing a program with Superior Financial Group, one of 13 federally licensed non-bank lenders, and will offer $5,000 to $25,000 loans to members who qualify. They don't have to spend the money at Sam's Club."

      Click here to read the full article- http://hosted.ap.org/dynamic/stories/U/US_WAL_MART_SAMS_CLUB_LOANS?SITE=NCAGW&SECTION=HOME&TEMPLATE=DEFAULT

      -Barky
        • Re: Sam's Club to offer small business loans
          Wayfarer
          I read the original article on this in the New York Times while on a plane. They actually featured an independent United Parcel Service (UPS) Truck contractor as being approved for an SBA Loan via Sam's Club. It stated that he received $10,000 to repay over 10 years and a 7.25% interest rate. That's not much but the terms are fantastic. He didn't spend any of it at Sam's Club and instead used it to buy another truck and hire another driver. At the time the Times article was written, fewer than 100 businesses had applied but that the approval rate came in around 40% already. That's astoundingly high. I wonder how this will pan out for them. Anyone hear anything else?

          -Sean