Warehouse discounter Sam’s Club will soon be giving its members more than just pallets full of cheap merchandise. The chain announced Tuesday that it is testing a program to offer loans to small businesses.
Sam’s Club, a division of Wal-Mart Stores, Inc., said that small loans of up to $25,000 would complement its other small business incentives such as low rate credit card processing and order-ahead programs.
The lending program will be offered in partnership with the Superior Financial Group, one of 13 small business lenders approved by the Small Business Administration, and will target minority-, women- and veteran-owned businesses.
“Access to capital is a major pain point for our members,” said Catherine Corley, Sam’s Club vice president of membership in a statement.
Most of the lending program will be online, and of course there are discounts. The warehouse club said that it would offer discounted interest rates and application fees to small business members who apply during the pilot.