Walmart & Sam’s Club Offering Rent Relief & Streamlining Supply Chain Financing
Walmart and Sam’s Club are streamlining their Supply Chain Financing program and offering rent relief to the 10,000-plus small businesses that operate within its stores that have been affected by the spread of the coronavirus.
The retailers have accelerated the onboarding process for qualified suppliers to receive payments from national banks under its Supply Chain Financing program.
Chase has been added as a partner — joining Citibank and Wells Fargo — and an eligibility requirement has been eliminated.
Walmart and Sam’s Club are also offering an April rent break to the small businesses that operate in their stores. Some of these businesses — which include nail and hair salons, restaurant franchises, veterinary clinics, banks and optometrists — have been forced to temporarily close or reduce hours and services because of the coronavirus.
As such, both are waiving rent for the month of April, and will evaluate the need for further support going forward. Sam’s Club will do the same for the hundreds of eye doctors who operate at its stores.
“These are two ways we are trying to help our partners during this difficult and unprecedented situation,” said John Furner, president and CEO, Walmart U.S., and Kath McLay, president and CEO, Sam’s Club, in a statement. “We know that by working together, we’ll be able to make the greatest difference for our customers, our members and for America.”