(28 February 2023 – United States) Walmart is teaming up with Citi to improve working capital access for its network of small suppliers.
Citi is extending its lending platform to Walmart’s 10,000 US suppliers that fall into the small to midsize business (SMB) range, offering loans of up to US$10 million.
Positioned by Walmart as part of its Supplier Inclusion initiative, the “Bridge built by Citi” platform of more than 70 lenders was introduced in 2021 as a pilot with 18 banks and is growing to a national offering. There is also a customised portal for Walmart’s SMB suppliers.
Walmart reports 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.
According to Citi, lenders will also benefit from the scheme as it provides them with the potential to expand their reach beyond their immediate local market and diversify their lending businesses.
“By leveraging the platform, our suppliers can have better access to the funding they need to expand their operations to reach and surpass their goals. Greater access to capital will help our suppliers continue to provide the products that our customers are looking for,”, said Walmart Senior Vice President of Supplier Development, Jason Fremstad.