Term loans are available from nonprofit Accion for small businesses who have been in business for at least three months but may have been turned down by other lenders.
These loans are available in all states except Montana, North Dakota, South Dakota, Tennessee or Vermont.
Loan amounts usually range from $5,000 to $100,000, with terms of 12, 24, 36 or 60 months. The origination fee varies but is typically around 4%.
Accion Opportunity Fund loans work with small businesses who have been in business for at least three months. Accion says that most of its borrowers have not been able to receive traditional loans because of poor credit or no credit history, so it uses more than credit history to determine qualification for business loans.
Accion’s estimated approval time is five to seven days. The estimated disbursement time is not disclosed.
Accion is not accredited by the Better Business Bureau and has only two reviews on Trustpilot.
- Small businesses that need small or large loans.
- Small businesses that can pay off loans within two years.
- Businesses that have had trouble getting loans because of a bad or short credit history.
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