Sam’s Club To Offer Small Biz Loans

Sam’s Club announced it is testing an online program with Superior Financial Group, a Small Business Administration (SBA) lender, which would make $5,000 to $25,000 loans available to its small business owner members who qualify. The company cited their November 2009 State Of Small Business Survey as a top reason for beginning the program. The survey found that nearly 15% of Sam’s Club business members reported being denied a loan to run their operation, up from 12% in April 2009.

The company said the loan pilot program will focus on serving Main Street minority, women and Veteran-owned small businesses, as well as micro-entrepreneurs under the SBA’s Premier Outreach Express products such as Community Express, Patriot Express and Export Express loans.

While the majority of the Sam’s Club small business loan pilot program is to be delivered online, Sam’s Club said it will test some in club communication and other marketing efforts to reach business members and small business owners.