BENTONVILLE, Ark., July 6 (UPI) -- U.S. discount retailer Sam's Club said Tuesday it would initiate a lending program for small business owners who are struggling to find credit elsewhere.
The retailer, a division of Wal-Mart Stores Inc., with 47 million members, said 15 percent of its business members indicated in a November survey they had been refused a loan, up from 12 percent in an April 2009 survey.
Sam's Club said it would work with Superior Financial Group, a federally licensed lender, to make loans of $5,000 to $25,000 through an online process.
"Access to capital is a major pain point for our members and the small business Main Street community," said the retailer's vice president of membership Catherine Corley.
"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," she said.
In a statement, Sam's Club said SFG was regulated by the Small Business Administration and specialized in lending to "underserved borrowers," including women, members of a minority and veterans.
Sam's Club members who apply online during the pilot program will receive discounts, including $100 off the application fee, the statement said.
