The banks don't seem to have much of an appetite to serve the retail banking needs of consumers in rural America.
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small business lending
I continue to hear the same thing from every small business owner that I speak to about the availability of credit:
"Banks are just not very friendly right now," said a friend with a coffee importing business.
"Who are you kidding," said another (landscaping). "If banks would give me some money, then I could buy some more equipment. But no bank is doing that."
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