SBA Loans Offered Through Sam's Club? You Heard Right!
by JamieD, Former Moderator
- Created: August 18, 2010, 9:16 am
- Updated: April 15, 2011, 1:29 pm
Looking for alternative financing opportunities? Recently, the wholesale retailer Sam's Club announced that it is currently offering Small Business Administration guaranteed loans to qualified small business applicants. If the program proves to be a success, who knows where you might find your next loan opportunity?
About the loan program
Sam's Club is offering SBA-backed loans to its small business customers for start-up and operational costs. In cooperation with Sam's Club, the loans are managed by Superior Financial Group and range from $5,000 to $25,000. The program does not require collateral, offers easy terms, and expediently allocates funds once an application is approved. Applicants through Sam's Club benefit from a discounted application fee, lower interest rates, and a simple process.
The program is currently underway, and of the approximately 200 initial applicants, 45% were approved for funding. To help potential applicants evaluate the program, Sa;s Club provides feedback from experts and members on their website.
For more information on the loan program, refer to Sam's Clu-s SBA loan brochure. Superior Financial Grou-s FAQ Guide also provides more information on their partnership with S.B.A and Sa's Club, and the loan program itself.
How to apply
It is yet-to-be determined as to how long the program will continue to offer loans.
Alternative financing options
The program was developed to target the struggling small business owner - who makes up a large percentage of their customer base. After a dip in revenues prompted Sam's Club to analyze sales trends, they discovered that many small business customers are spending less because of tight credit. While the company earns $50 per loan, their incentive is to put money back into the hands of the small business owner, help their businesses succeed, and hopefully get them spending again.
If the program is successful, Sam's Club - and possibly other private institutions - may begin offering other lending alternatives to help get the small business community back on its feet.
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