Walmart is teaming up with Citi on a platform that connects the retail giant's network of 10,000 US-based small business suppliers with dozens of lenders.
Through a single loan request form, Walmart suppliers can interact with more than 70 lenders that provide qualifying businesses with loans of up to $10 million. Once a request is submitted, the platform connects suppliers with multiple potential lenders that can evaluate their requests.
Walmart says that this provides for a more efficient loan process for both the suppliers and lenders and empowers suppliers by offering them greater choice, convenience, and access to capital.
Citi says that it has focused on increasing the number of Minority Depository Institutions and Community Development Financial Institutions on the platform, called Bridge. More than 20 are MDIs and four are women-owned institutions. In addition, 15 of the 20 Black-owned banks in the US are lenders on the platform.
Rohit Mathur, head, Bridge built by Citi platform, says: “Bridge offers a modern and efficient way for Walmart’s U.S. suppliers to navigate the lending process and cultivate relationships with multiple lenders while helping them gain access to the capital that is essential for them to grow.”