Accion offers fixed-rate term loans of up to $1 million to small businesses in the United States, excluding Vermont. It has delivered more than 60,000 loans to small-business owners, totaling more than $500 million.
- Startup businesses may qualify.
- Loans as small as $300 and as large as $1 million are available, depending on the region.
- The typical Accion loan has a term of 24 months.
- Prequalification is not available.
Term loans are available from Accion.
Loan amounts vary by region, but they usually range from $300 to $1 million. The typical Accion loan has a term of 24 months, but minimum and maximum loan terms differ regionally. The origination fee also varies by region but is typically 3 to 5 percent of the loan amount.
Accion works with borrowers who have damaged or limited credit. However, Accion has firm requirements for past-due debt and bankruptcies. Typically, you must be current on all debt and bills and have no collections or charge-offs within the past six months and no bankruptcy or foreclosures within the past year. Collateral may be required, but this varies.
Accion’s estimated approval time varies by region and loan amount. The estimated disbursement time is one to three business days.
Accion is not rated by the Better Business Bureau or Trustpilot.
- Small businesses that need very small or large loans.
- Small businesses that can pay off loans within two years.
- Startups with well-developed business plans.
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