Responding to the Economic Crisis

As an alternative small business lender, ACCION New York and New Jersey is uniquely positioned to play a critical role in serving small business owners during the economic crisis.  As banks continue to tighten their lending standards, more entrepreneurs will be forced out of the financial mainstream.  For many, financing from ACCION will be a lifeline.

ACCION is hard at work continuing to serve borrowers who need to build credit before borrowing from a bank.  We are also welcoming the businesses who have found themselves frozen out of mainstream banks due to the "credit crunch."

Our message to the business community is that affordable business capital is still within reach.  Some of our recent loans include:

• $10,000 loan to help a auto repair shop purchase tire rotation equipment
• A $6,000 inventory loan that allowed a retail store to stock up during the holiday season
• An $8,000 equipment loan to a carpet cleaning business
• A $15,000 loan to open a retail store. The owner had applied for credit at various local banks, only to be denied.

Join us in our commitment to serving the small business community:

• Refer a business If you know a small business owner who is struggling to obtain a loan, tell him or her about ACCION today.
• Learn more Read our recent media coverage highlighting the need for alternative financing: How Micro-Friendly Lenders Can Save the Day (from the MicroEnterprise Journal), U.S. Entrepreneurs Turn to Microfinance (from BusinessWeek online)
• Apply for a loan: If you're a small business owner struggling to find financing, ACCION can help.