Sam’s Club Helps Small Guys Get Loans
Getting credit is not always easy for new business owners,
but now one very large business, Wal-Mart’s Sam’s Club division, is working
to help members get loans of up to $25,000 through the Small Business Administration.
Corley, vice president of membership at Sam’s, told Dow Jones
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." Roughly 15 percent of Sam’s members
who own businesses reported not being able to obtain loans in a survey last
Sam’s isn’t directly responsible for handing out loans, but arranges
for its members to apply for loans at Superior Financial Group. The club’s
members get a 20 percent discount on loan fees and there is no collateral requirement.
loan program is geared to help very small businesses and those owned by minorities,
vets, and women.
"It seems like a traditional program done in a unique way," Carl
Tobias, Williams professor at the University of Richmond School of Law, told Dow
benefits Sam’s by potentially adding members and can aid existing members."
Discussion Questions: What do you see as the pros and cons of Sam’s involvement
in helping club members apply and get SBA loans? Will others follow Sam’s lead?
- Sam’s Club Program Will Offer Loans Up To $25,000 – Dow Jones Newswire/The
Wall Street Journal
- SBA Small Business Loans – Sam’s Club