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Mission and History

Our Mission

ACCION New York and New Jersey is a nonprofit organization that contributes to the economic development of the New York metropolitan region by providing loans and advisory services to individuals and small businesses that do not have access to traditional sources of credit. 

 

History

ACCION New York and New Jersey is a national leader in domestic microfinance, having provided over $76 million in small business loans since inception.  Established in 1991 as ACCION International's first domestic affiliate, ACCION New York became a fully independent nonprofit organization five years later in order to meet the demand in New York's market for unique programs and methods.  In response to a latent demand for business loans in New Jersey, ACCION New York launched ACCION New Jersey as a division of the organization in 2004.  

domestic microfinance and financial literacy programs, microfinance in the US, domestic microlendingProfessor Muhammed Yunus' Nobel Prize-winning work in the field of microfinance has highlighted the need for financial services in underserved communities both internationally at home in the United States.  Our unique blend of lending and financial literacy programs provides entrepreneurs, many of whom are women and minorities, with the resources needed to build strong businesses, support their families, and contribute to the growth of their communities. 

ACCION has illustrated how small business loans can fuel an individual's entrepreneurial spirit, improve a household, and transform a poor community. 

Our recent accomplishments extend far beyond our extensive portfolio:

  • Technology Innovation: provided every Loan Consultant with a portable PC to enable a fully mobile lending program
  • A Sound Investment: rated 4-stars by Charity Navigator, the highest rating possible for non-profit fiscal responsibility
  • Formalizing the Model: in 2006 we became the first microfinance institution in the US to be reviewed by the CDFI Assessment and Rating System (CARS), a third-party analysis of CDFIs that aids investors and donors in their decision-making. We received an AAA3 rating, the second highest rating obtainable for impact.
  • Industry Acknowledgement: received the 2003 Deutsche Bank/AEO Excellence in Lending award and the 2003 NCCA/Wachovia CDFI Excellence in Innovation award;
  • Research Focus: completed an impact study of clients with a University of Michigan, School of Business graduate, building on impact studies conducted with Columbia University's School of International and Public Affairs (SIPA) and the Aspen Institute (FIELD).

ACCION New York is an independent 501(c)(3) nonprofit organization and certified as a Community Development Financial Institution (CDFI) and a Community Development Entity by the U.S. Department of the Treasury.