Walmart executives really, really like the idea of one-stop shopping. At super Walmart stores, you can get all the things common in large department stores, from clothing to toys, housewares, gardening implements and on and on and on and on. You can also get tires, car repair, money orders and probably tax advice and who knows what all else. The company’s bulk-buying chain, Sam’s Club, follows the strategy with a wide array of products, and they just added one that made the business world go, “Huh?”: Small business loans.
That’s right, you’ll soon be able to get a small business loan at Sam’s Club. Well, I guess some businesses already get their inventory from the place, so why not their funding, too? And with credit markets still so tight, it wouldn’t hurt to have the place you are likely to spend some of the money in on the application process. Sam’s Club is gearing up for a trial run of small business loans up to $25,000 for members. They’re partnering with Superior Financial Group for the effort.
Apparently, Walmart has been looking to get a toe-hold in the finance industry for years. For a lot of struggling small business owners out there, this probably seems like the perfect way to do so, and none too soon.