Sam’s Club, a division of Wal-Mart, has announced that it is testing a new online small business lending program to help spur business formation and growth.
The company says that the pilot program – run through Superior Financial Group – will make $5,000 – $25,000 loans available to entrepreneurs and small business owners, and will focus on serving minority-, women- and veteran-owned small businesses.
“Access to capital is a major pain point for our members and the small business Main Street community. 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,” said Catherine Corley, vice president of membership at Sam’s Club.
Businesses that are members of Sam’s Club will also receive discounts on the loans themselves. Members will get $100 off the application fee, a 20-percent discount and a 7.5 percent interest rate on the 10-year loan – a discount of 25 basis points.
An annual Sam’s Club business membership costs $35.
Superior Financial Group is one of just 13 licensed Small Business Lending Corporations regulated by the U.S. Small Business Administration. The Group specializes in giving loans to underserved populations, and also offers technical assistance and training courses to help entrepreneurs write a business plan and take other steps in starting a business.