Accion Loan Information
Accion is a nonprofit lending to entrepreneurs. Loans range from $500 to $50,000 for working capital and other business needs. Loan terms differ. To qualify, have a 525+ credit score and no bankruptcy in the last 12 months. Accion works with ITIN borrowers. Origination fee is 3-5 percent. Beyond loans, Accion provides coaching and support.
Credit Reports and Checks
Unofficial credit reports provide similar information to financial institutions’ reports, showing your scores. Credit repair services can delete negatives. Soft checks only view, hard checks apply for new credit.
Accion Eligibility Criteria
To qualify for Accion, have a 525+ credit score or no score, sufficient cash flow for payments, and no bankruptcy in the last 12 months or foreclosure in the last 24 months. Rates have improved. Best for microloans up to $150,000 with flexible terms. Made up of four CDFIs. Provides referrals, coaching, and resources if can’t lend.