Sam’s Club Awards Grants and Education to Small Business Owners
Oftentimes, small business owners are the very small fish in a large, overpopulated pond. One reason they struggle to get their business off and running is due to limited availability or capital. Access to funds is even more inadequate for U.S. minorities and women business owners. Sam’s Club is one big fish generously helping small business owners and communities by giving them a chance to thrive.
Sam’s Club, a division of Wal-Mart Stores, Inc., created their Sam’s Club Giving Program with the intent of awarding grants to small business owners, focusing primarily on women, minorities and veterans. This year alone $8.8 million in government grant money was distributed to help owners with the start-up funds to get their business up and running and keep it growing.
Last year, in 2015, Sam’s Club began a five-year support plan for small business owners. The Small Business Economic Mobility initiative will not only supply owners with the capital they require but will educate them on effective borrowing methods. The initial round of government grants totaled an impressive $13.6 million that was distributed to eight nonprofit facilities. These organizations served the most underserved in the community, such as veteran, women and minority small business owners.
Sam’s Club, a national membership warehouse club, realized it was in the position to help small business owners gain access to badly needed capital. With 652 stores nationwide they certainly know what it takes to run a business and want to pass along that knowledge. Through their philanthropic investments and grant programs, they are able to provide support to propel small business owners forward. Along with the Business Lending Center, Sam’s Club can offer capital to get the business started but also educate owners to keep it going strong.
Sam’s Club continues to believe in the idea that originated from founder Sam Walton which is small business is a much needed asset for America. They create more jobs and lend in economic growth, two things our country is lacking at this moment. Capital and the education to know how to manage money are aspects that Sam’s Club and Sam’s Club Giving heavily promote. Small business owners need to understand how to manage the capital they have and continue to save money while still growing bigger.
In just a short time the Small Business Economic Mobility program has witnessed some positive results. They awarded the Opportunity Finance Network (OFN) $3.6 million in grant money, catering to minorities, women and under 40 small business owners. OFN developed Venturize, a program that educates small business owners about predatory lending practices and how to find more cost-saving alternatives.
Sam’s Club is one corporation that understands for America to move forward, small business owners need the chance to succeed to increase economic growth. Sam’s Club and Sam’s Club Giving programs are a step in the right direction.