Sam's Club has announced the pilot of a new small business funding program for its small business members in conjunction with Superior Financial Group. Small business owners who are also members of Sam's Club Small Business membership group can apply for micro loans in amounts from $5,000 to $25,000. The entire process is being handled by Superior Financial Group; Sam's Club is not actually in the lending business.
The program is intended to assist all qualified small business owners, but especially women- and veteran-owned businesses. According to the Sam's Club website, members who apply online for the small business loans will receive 20% off discounts on certain purchases, a 7.5% APR, and a $100.00 reduction in the application fee. The loans have a fixed 10-year term and no early payment penalty. Applicants must first be members of the Sam's Club Small Business Club; those memberships start at a cost of $35.00 per year.
For additional information, see article at the the Black Web 2.0 website.