How is ACCION New York and New Jersey different from banks and other lenders?
How will a loan with ACCION help me qualify for a bank loan?
I have a limited or damaged credit history.  Will I be able to get a loan?
How long does the application process take?
Does ACCION lend to start-up businesses?
What are the basic loan requirements?
Do I need a Social Security number to apply for a loan?
What fees will I be charged?
What interest rate will I be charged?
Will I need to get a cosigner?

 

How is ACCION New York and New Jersey different from banks and other lenders?

ACCION is a nonprofit lending organization with flexible loan requirements.  We look at much more than just your credit report to find strengths in other areas of your business.  A loan consultant will work with you one-on-one at your place of business to ensure that your application is processed as quickly as possible. We will continue to work with you one-on-one throughout the life of your loan to help you improve your credit and grow your business.

How will a loan with ACCION help me qualify for a bank loan?

ACCION helps business owners build their credit along with their business.  We report to the major credit bureaus, which provides you the opportunity to improve your credit rating and your ability to obtain bank financing in the future. 

I have a limited or damaged credit history.  Will I be able to get a loan?

At ACCION, we take the time to look at more than just your credit score to help you get a loan.  Loan Consultants work with you one-on-one to find strengths in other areas of your application.

How long does the application process take?

ACCION New York can process your loan application within 5-10 business days.

Does ACCION lend to start-up businesses?

Yes!  Whether you are purchasing an existing business, relocating, opening a second storefront, or establishing a brand new business, ACCION can provide you with the resources needed to get your doors open.  Individuals with as little as 0-6 months in business can qualify for a loan up to $30,000.

 

What are the basic loan requirements?

Your Loan Consultant can provide you with information on basic requirements, as they will vary for both the type of loan and amount requested and your area of business.  However, you must be 21 years of age and live or work in New York City's five boroughs, Westchester County, Long Island, or Northern and Central New Jersey.

  

Do I need a Social Security number to apply for a loan?

No.  As long as you have a Tax ID Number you can apply for a loan. 

What fees will I be charged?

There is no charge to call ACCION.  If you chose to apply for a loan, there is a $25 application fee.  If you receive a loan, there are other standard fees that can be financed into the total amount of your loan. 

What interest rate will I be charged?

ACCION New York and New Jersey's interest rates start at 10.99%.

Will I need to get a cosigner?

It will depend on your individual situation, but a cosigner will add strength to your application.