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Sam’s Club Giving Awards $8.8 Million in Grants to Help Small Business Owners Gain Access to Capital

BENTONVILLE, Ark., Apr 28, 2016 (BUSINESS WIRE) -- In advance of National Small Business Week, Sam’s Club and Sam’s Club Giving are announcing their continued commitment to small business owners—especially women, minorities and veterans—with $8.8 million in new grants. These grants have been awarded to organizations dedicated to borrower education initiatives that ease the top barrier to entry for many small businesses, which is access to capital.

Many small business owners have the drive, the ingenuity and the grit to make their business successful, but often access to capital is a barrier to entry. Research published by the Small Business Administration noted the struggle may be compounded for women and minority business owners and that, despite their growing economic significance, women- and minority-owned firms tend to have an inadequate access to capital.

In 2015, Sam’s Club and Sam’s Club Giving announced the Small Business Economic Mobility initiative, a five-year investment in small business growth through increased access to capital and borrower education. The initiative’s first round of grants totaled $13.6 million to eight national nonprofit organizations that provide access to capital and borrower education to underserved U.S. small businesses, including women, minorities and veterans.

Serving small business owners and entrepreneurs as members for 33 years, Sam’s Club launched the philanthropic initiative to respond to the national struggle for small business owners in low-to-moderate income communities to attain affordable loans and navigate the lending process. By bringing together expertise, business initiatives such as the recently announced Business Lending Center and philanthropic investments, Sam’s Club and Sam’s Club Giving are uniquely positioned to help small business owners access affordable capital.

“Sam’s Club has a long history of helping small businesses get access to big business savings, save money and grow their businesses—that’s the reason our founder Sam Walton started Sam’s Club,” said Kathleen McLaughlin, Walmart’s Chief Sustainability Officer and President of the Walmart Foundation, which oversees the Sam’s Club Giving Program. “When small businesses succeed, economic growth and job creation follow, which is why Sam’s Club and Sam’s Club Giving...