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PROGRAM SUCCESS – JULY 2010
SAM’S CLUB® OFFERS SMALL BUSINESS LOANS TO
BUSINESSES OWNED BY MINORITIES, WOMEN, AND VETERANS
Bentonville, AR - Existing small business owners and entrepreneurs with hopes of starting up continue to seek access
to capital in the form of bank loans, yet are still struggling to land credit. Only half of small businesses that tried to
borrow last year got all or most of what they needed, according to a survey by the National Federation of Independent
Business. In the mid-2000s, 90% of businesses said they got the loans they needed.
To help support small business and its business members, Sam’s Club has announced that it is testing an online program
with Superior Financial Group, the Nation’s leading Small Business Administration (SBA) lender, which would make
$5,000 to $25,000 loans available to its members who qualify. In a November 2009 state of small business survey
conducted by Sam’s Club, nearly 15 percent of its business members reported being denied a loan to run their operation,
up from 12 percent in April 2009.
The Sam’s Club small business loan pilot will focus on serving Main Street minority, women and Veteran owned small
business owners as well as micro-entrepreneurs under the SBA’s Premier Outreach Express products such as
Community Express, Patriot Express and Export Express loans.
Sam’s Club members who apply for a small business loan online during the pilot will receive a $100 off the application
fee, a 20 percent discount and a 7.5 APR, which is 25 basis point discount. The terms of the loans will remain at 10
years, which is common to help keep monthly payments low. There is no penalty for early repayment. Business
memberships cost $35 annually at Sam’s Club.
For more information or to apply, visit:
www.samsclub.com/sams/pagedetails/content.jsp?pageName=sbaLoanProgram
To learn more about business credit, visit:
www.BusinessCredit.org