The Sam's Club division of retail giant Wal-Mart Stores Inc. said it would begin offering loans of up to $25,000 for its small business members.
The unit, based in Bentonville, Ark., said it is currently testing a pilot program with Superior Financial Group, a federally licensed SBA lender based in Walnut Creek, Calif., and will make available loans tiered from $5,000 to $25,000 to its members who qualify. Superior offers small business lending via its Community Express and Patriot Express programs.
The Sams Club program will focus on businesses owned by women, minorities and veterans.
Sams Club reported that some 15 percent of its business members were denied loans, according to a poll taken in November.
