By Brandi Tape
Many entrepreneurs and small business owners are looking for startup funding by acquiring bank loans but are met with roadblocks when attempting to secure credit. Less than half of all small businesses who pursued borrowed funds last year were rewarded the amount requested whereas, in the mid-2000s, a whopping 90% of businesses surveyed by the National Federation of Independent Business reported receiving the amount they needed.
Discount shopping giant Sam’s Club, in conjunction with Superior Financial Group, has begun to test an online program to help bridge the gap for its small business members. The program would provide loans available in amounts ranging from $5,000 to $25,000 for all business members that meet the required qualifications. In the findings of a small business survey initiated by Sam’s Club in November 2009, 15% of their business members had been turned down for loans needed to maintain their operation; this number had increased 12% since April 2009.
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