Wednesday, July 14, 2010

Wal-Mart, Microsoft could get into the fund business

Wal-Mart's chain of Sam's Club stores recently announced plans to partner with a lender to offer small-business loans of up to $25,000 for its members. The unit of Wal-Mart Stores is testing a program with Superior Financial Group by offering loans to qualified members. They don't have to spend the money they borrow at Sam's Clubs or Wal-Mart. It's not Wal-Mart's first attempt to offer financial products; in 2007, the company tried to establish a bank, only to scrap its efforts over a hot debate about whether the world's largest retailer should be allowed to gain the financial power of a federally insured bank.
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