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NEW YORK ( TheStreet) -- Sam's Club announced on Tuesday that it will offer loans of up to $25,000 to its small business members. The wholesaler, which is owned by Wal-Mart ( WMT), is testing a program with Superior Financial Group, one of the handful of federally licensed nonbank lenders. Sam's Club said 15% of its business members reported they were denied a loan, which is up from 12% in April 2009. Members who apply for a loan during the pilot program will receive $100 off the application fee, a 20% discount and a discount on interest rates.
"Access to capital is a major pain point for our members and the small business Main Street community," Catherine Corley, vice president, Membership at Sam's Club, said in a statement. "We believe this pilot program is a step in the right direction to help fuel small business growth and create jobs to stimulate our economy. It's also simple to apply and costs less, which is consistent with our goal to help our members make smart choices and provide superior value," -- Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.