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NEW YORK — Sam’s Club is promoting women-owned businesses through a $2.5 million grant from its philanthropic Sam’s Club Giving Program.
Sam’s Club is promoting women-owned businesses through a $2.5 million grant from its philanthropic Sam’s Club Giving Program.
Grant money is being extended to three nonprofit groups that will undertake a WE Lend Initiative, a two-year campaign to provide women entrepreneurs with improved access to training and financing. Training and loans will be provided by Women’s Business Centers (WBCs) that are recognized by the Small Business Administration.
Money from Sam’s Club will also be used to train select WBCs to become microlenders, or providers of capital to women who own businesses. The funding will also strengthen the centers’ ability to connect women to other sources of capital and provide them with financial literacy and loan readiness skills.
"Lack of access to capital and financing continues to be a leading deterrent to success for U.S. women-owned businesses," says Rosalind Brewer, president and chief executive officer of Sam’s Club. "The WE Lend Initiative seeks to bridge this financing gap and empower women entrepreneurs to pursue their dreams."
Brewer announced the grant after Sam’s Club unveiled a new quarterly tracking poll — done in collaboration with Gallup — that says women own nearly half of all new microbusinesses, defined as for-profit enterprises employing five or fewer workers. The survey says there are 25 million microbusinesses in the United States — from pizza restaurants to pet groomers — and they account for 10% of the nation’s jobs.
