Wholesale retail chain Sam’s Club is gearing up to launch its small business lending center, reports revealed last week. The Walmart-owned store said it is looking to strengthen its business relationships with smaller suppliers by rolling out a program to offer loans of up to $350,000 to its small business partners.
“We are redefining the value of membership,” Sam’s Club President and CEO Rosalind Brewer said of the new lending service during the company’s earnings call, adding that the initiative is not meant as a revenue generator.
Sam’s Club plans to work in partnership with existing lending platforms including Lending Club and SmartBiz Small Business Administration. But lending services are not the only plans Sam’s Club has to strengthen its ties with small business partners. According to reports, other aspects of the efforts include data protection and accountant services through partnerships with LifeLock and 1-800Accountant, respectively.
Lending Club has been expanding its business partnerships, which include Google and Alibaba, to launch business lending services through its P2P platform.
Earlier initiatives have included a mobile application for business members to save on travel expenses as well as a cash rewards program. The most recent initiative alone could save businesses more than $2,000 a year, according to the company.
Sam’s Club is a division of Walmart, which has been strengthening its own business services in the last several months, most notably with a slew of B2B eCommerce site rollouts throughout India.
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