07/06/2010 // US // TiffNews10 // News Desk
New York – Sam’s Club plans to offer small business loans to qualifying members. As reported by the Associated Press (AP), the move for Wal-Mart’s warehouse club chain is one of several steps the retailer has taken in offering financial services to customers that aid in boosting spending.
As noted in the report, a program is being tested by Wal-Mart and Superior Financial Group to offer loans ranging from $5,000 to $25,000 to small business members. Catherine Corley, vice president of membership at Sam’s Club, is quoted by the AP as stating of the program need, “Access to capital is a major pain point for our members.”
The program will reportedly focus on businesses owned by women, minorities, and veterans. Members who apply for the loans during the testing period may receive a reduction in their application fees and additional discounts.
The latest in Business News
Photo Found: Wikipedia public domain