Walmart Partners with Citibank to Launch New Supplier Lending Platform!

It is learned that according to foreign media reports, Walmart is working with Citi Bank to provide new loan solutions to 10,000 small and medium-sized enterprises in its US supplier network.

Through this cooperation, Walmart will introduce the Bridge loan platform created by Citibank, which can help small and medium-sized enterprises connect with more than 70 lending institutions across the United States and provide loans of up to US$10 million to eligible businesses.

On the Bridge platform, Walmart suppliers can interact with selected lenders through a single loan application form. Once the application is submitted, the platform connects the supplier with multiple potential institutions that can meet their loan needs.

Lenders on the Bridge platform are able to provide businesses with working capital loans, commercial mortgages and other pre-shipment financing loans, etc. Neither Walmart nor Citi has any influence on loan decisions and does not participate in the platform as a lender.

In addition to introducing Bridge, Walmart and Citi will also work together to provide suppliers with educational content aimed at improving their financial literacy, the report said.

Of the more than 70 lenders currently participating in the Bridge platform, more than 20 are minority depository institutions (MDIs) and four are women-owned institutions. Additionally, 15 of the 20 black banks in the U.S. are lenders on the platform.

“Bridge provides Walmart’s U.S. suppliers with a modern and efficient way to navigate the lending process and build relationships with multiple lenders, while helping them access the capital that is critical to their growth,” said Rohit Mathur, head of Bridge Platform.

“We know that small and medium-sized businesses are the engine that drives the U.S. economy and local communities. At Walmart, many of our diverse, owned businesses also qualify as small and medium-sized businesses, so we wanted to strengthen our long-standing commitment to supplier inclusion through this specific opportunity,” said Jason Fremstad, senior vice president of supplier development at Walmart. “Through the Bridge platform, our suppliers can better access the capital they need to scale their businesses to meet and exceed their goals. The loan funds will help suppliers continue to provide the products our customers need.”

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