Business
Walmart and Citi Introduce the Bridge built by Citi® platform to Walmart Suppliers
Platform Will Help Improve Access to Capital for Walmart’s U.S. Supplier Base through Network of over 70 lenders, Including 20+ Diverse Financial
About this update from Walmart Inc.
[{"type":"text","content":"\nPlatform Will Help Improve Access to Capital for Walmart’s U.S. Supplier Base through Network of over 70 lenders, Including 20+ Diverse Financial Institutions\n\n NEW YORK & BENTONVILLE, Ark.--(BUSINESS WIRE)--\nWalmart and Citi are collaborating to introduce the Bridge built by Citi platform (“Bridge”) to Walmart’s 10,000 small- and medium-sized businesses (SMBs) in their US-based supplier network. Bridge is a digital platform that connects SMBs with a diverse group of more than 70 lenders that provide qualifying businesses with loans of up to $10 million.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230228006155/en/\nThrough a single loan request form, Walmart suppliers can interact with a broad group of lenders located across the United States. Once a request is submitted, the platform seamlessly connects suppliers with multiple potential lenders that can evaluate their requests. 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. It also provides lenders with the potential to expand their reach beyond their immediate local market and diversify their lending businesses. In preparation for this launch, the platform’s lender base has grown from 18 banks in 2021 to more than 70 lenders nationwide currently on the platform.\n\n“At Walmart, we know small- and medium-sized businesses are the engine that drives the U.S. economy and local communities. Many diverse owned businesses also fit the small- and medium-sized business profile. As such we stand to strengthen our longstanding Supplier Inclusion offering through this specific opportunity,” said Jason Fremstad, Senior Vice President of Supplier Development at Walmart. “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.”\n\nWorking capital loans, commercial mortgages and other pre-shipment financing loans are among the potential loans extended by some of the lenders on the platform. Walmart has programs that help with post-shipment financing, but Bridge built by Citi has the pote...