And guess what? The program will focus entirely on businesses owned by minorities, women, and veterans - underserved borrowers.
The program is one of several moves the retail giant has made to offer bank-like financial services to it's extensive base of customers. It also comes as the retailer tries to improve profitability at its warehouse-club chain.
If approved, applicants do not have to spend the money at Sam's Club; They can use the money like any other business loan.
Sam's Club members who apply for a small business loan during the introductory period will receive $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.
For more information call (877) 675-0500 or visit:
www.samsclub.com/sams/pagedetails/content.jsp?pageName=sbaLoanProgram
This is great news, now all I have to do is open a Sam's Club account. I have spent several years with Mr. Walton's competitor. They offer small business loans also but the loans are not dedicated to " minorities, women, and veterans - underserved borrowers..." Thanks for posting.
ReplyDeleteDante I think they are tapping into the Microloan business which banks shy away from. They must of learned that the repayment rate for microloans is 97% so they are jumping on the bandwagon.
ReplyDeleteThanks for the 411. I'll check it out!