These loans ranging from $1,000 to $10,000 are ideal for individuals who have been in business less than six months and who have either a home-based or incubator-based business. These loans are commonly used for things like working capital, operating costs, inventory purchase, equipment purchase and marketing.
The features of this loan include:
- Interest rates starting at 10.99%
- 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.
- Sufficient cash flow to support monthly loan payments.
- No bankruptcies in the past 12 months or foreclosures in the past 24 months.
- No late payments on your rent or mortgage in the past 12 months.
- Must have a full- or part-time job and proof of income.
- All Start-Up Business Loan applicants must have a business plan to qualify. Need help starting one? Contact your local SBDC HERE for any assistance.
- Other criteria may apply.
If you don’t meet these basic requirements, we encourage you to check back after you've had a chance to strengthen your application.
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.