For existing businesses, we offer loans that range from $500 to $50,000. These loans are commonly used for things like working capital, operating costs, vehicle purchase, inventory purchase, equipment purchase, location changes and marketing.
The features of this loan include:
- Interest rates starting at 8.99%
- Loan terms from 6 to 60 months
- No pre-payment penalty
- Closing costs of 3-5%
- $135 processing fee applied only to closed loans
- Credit score of 575 or higher (other credit criteria may apply)
- Sufficient cash flow to support monthly loan payments
- No bankruptcies in the past 12 months or foreclosures in the past 24 months (flexible for loans under $2,500)
- No late payments on your rent or mortgage in the past 12 months (flexible for loans under $2,500)
- Other criteria may apply
Please be aware that Accion does not lend to businesses involved in: Real Estate, Mortgage Brokers, Development Companies, Adult Entertainment/Materials, Drug Paraphernalia, Distribution, Sale or Manufacturing of Firearms; Non-FDA Weight Loss Products, Traditional Lending Institutions, Alternative Lenders, Check Cashing, Factoring Organizations, Non-Bank Cash Advances, Pawn Shops,Non-Profit Organizations, Non-U.S. Companies, Collection Agencies, Currency Exchanges, Precious Metal Sales, Investment Opportunities, Gambling Establishments, Lotteries/Raffles, and pyramid or multilevel sales plans.