A group of 26 minority-owned community banks may have found its own "blue light special" at Kmart.

The banks are teaming up to extend a $40.6 million revolving line of credit to the nation's third-largest retailer, which once showcased special deals by flashing a blue light near featured items. The Troy, Mich., company said it expects to use the loan this summer or early fall for merchandise expenses at its 2,161 stores.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.