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Wal-Mart Tiptoes One More Step Towards Banking

Adam Rust's picture

Posted July 6, 2010

Sam's Club announced a new plan this weekend that will allow the club division of the nation's largest retailer to partner with an SBA (Small Business Administration) lender to offer small business loans to its Sam's Club members.

Wal-Mart, the parent of Sam's Club, will offer the loans through Superior Financial Group. Superior Financial is a non-bank US Small Business Administration lending company.

Members will be able to tap Superior for small dollar loans. On SFG's web site, it says that it can offer loans of up to $25,000 without collateral, and up to $500,000 through a collateralized loan with the Patriot Express program.

SFG says that it is the nation's largest SBA lender. That is an interesting claim, as it is one that Bank of America has

been touting for years. I am dubious about the integrity of the latter. In Charlotte, for instance, Bank of America takes a back seat to more than a few other banks. That is their home turf. If they aren't number one in Charlotte, then they wouldn't seem to be number one anywhere.

An earlier project by Superior Financial's CEO, Tim Jochner, was lauded for its growth, its capacity for innovation, and its general creativity by Arthur Anderson and the US Chamber of Commerce. Its CEO, Tim Jochner, says that he has attempted to provide his relationships with excellent customer service. Innovate Management Solutions. IMS merged with Intuit in in the late 90s.

Small Business Administration loans provide some loan guarantees to lenders, although the guarantee is more limited than might be expected.

The value here is when you consider our business cycle. Businesses are having a hard time getting capital. The opportunity that comes with even $25,000 can help. A small baker might be able to purchase cooking equipment. A used backhoe could be had used for about $20,000. That is the kind of capital purchase that allows a landscaper to get new work.