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06/03/2015

Sam's Club lending center opens for business

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Sam’s Club members are in for a slew of new services when the retailer launches its lending center this week.


SmartBiz, the exclusive platform for SBA-guaranteed loans for the Sam’s Club Business Lending Center, will provide qualifying Sam’s Club business members with SBA loans with low monthly payments, single digit interest rates, and a simple, streamlined application process.


In addition, SmartBiz developed and runs the technology platform that drives the Sam’s Club Business Lending Center, now available at SamsClub.com/services.


“Our small business members often cite time and access to capital as two major concerns as they manage and grow their businesses,” said Seong Ohm, Senior Vice President for Merchandise Business Services at Sam’s Club. “Sam’s Club did the homework for our members, choosing SmartBiz as a key pillar of our lending platform, based on their commitments to cutting-edge technology, simplicity and responsible lending. Through this collaboration, our members now have a quick, easy solution to get the financing they need to put them on the path to success.”


Sam’s Club says it created the Business Lending Center in response to business member feedback that access to capital was a critical need. The Business Lending Center is a convenient platform that reduces the time and hassle of finding the right financing solution by featuring three market leaders that offer business loans, SBA loans, and business credit cards -- Lending Club, Sam’s Club Business MasterCard, and SmartBiz. All of these financing solutions offer exclusive discounts for Sam’s Club members including reduced fees or cash back rewards through the Business Lending Center.


“We are excited to be part of the strongest and most reliable small business network in the US. For the first time together, Sam’s Club, SmartBiz and the SBA will be able to offer affordable business finance to millions of small business owners. This makes for a very exciting time for small business owners,” says Ryan Gilbert, CEO of Better Finance parent company of SmartBiz. “SmartBiz is an ideal collaborator for the Business Lending Center because, like Sam’s Club, SmartBiz strives to reduce the cost and barriers of borrowing for small business and improve the lending experience overall. “


With the Business Lending Center, Sam’s Club business members will gain access to exclusive offers, including a 20 percent savings on loan fees; the chance to earn up to $5,000 in cash back rewards with the Sam’s Club Business MasterCard; and loans from $5,000 to $350,000 with an easy application process and fast funding.