What Loans Accion offers
The lender only has one type of small business loan on offer. It’s focused on making the process as simple as possible in order to help out smaller organizations that might be intimidated by the wealth of choice offered by other lenders. It has also partnered with different city and state authorities across the country and offers related products specific to local regions.
For example, if you live in Illinois or Indiana, you’ll get access to emergency payroll loans, while those living in New York State get lower starting interest rates than others. You can check out all the local offers on the website.
How Accion works
Outside of specific local loan offerings, you’ll find the following standard terms available nationwide:
- Borrow between $300 and $1 million
- Interest rates between 7% and 34%
- Repayment terms up to 25 years
- Origination fees between 2% and 6%
While many alternative lenders pride themselves on getting money to you as quickly as possible, Accion is slower than most, with the whole process taking around two weeks. This is because multiple factors are taken into consideration to gauge your eligibility, which slows down the process.
How do I qualify for Accion?
- You’ll need a minimum credit score of 575
- There are no limits to how long you’ve been in business. Startups are welcome, but you’ll need to evidence an additional income stream
- There are no revenue limits, you just need to evidence you can meet your monthly payments
- You must have had no bankruptcies in the last 12 months