Sam's Club is giving small business loans; where are Home Depot, Office Max and others

Last year I applauded the successful return of lay away by retailers Toys R Us and Kmart. It was a great use of an "old school" tool to overcome what was then, and to a lesser degree still is, reluctance by consumers to spend on credit. By allowing the shopper to pay for the product over time while the store held it; these stores were able to create sales for those who were feeling cautious about spending and taking on debt.

Well, according to a New York Times article, "Retailers Devise Novel Ways to Revive Sales," that is nothing compared to what Sam's Club is doing. According to the article "Sam's Club is introducing a program in which it facilitates loans for shoppers of up to $25,000, backed by the Small Business Administration." Now that is innovation and that is smart, really smart.

Sam's does business with lots of small companies so they are not just selling products but priming the pump by helping these companies get the oxygen (i.e. money) their businesses need. Home Depot, Office Max, Staples; you should do this too. It's good for your business and the economy too.