Thanks for connecting with Accion serving Southern California for your business needs. This office serves Imperial, Riverside, San Bernardino and San Diego counties in California.
Accion is currently administering two COVID-19 relief products; one through the Wells Fargo Open for Business Fund focused to support racially and ethnically diverse entrepreneurs and the other through the California Rebuilding Fund.
If you are interested in a start-up or expansion loan (not COVID- 19 relief related), please fill out the form below to be connected with a business development officer to start the application process.
Read this info page to learn more.
Accion is a nonprofit lender with a 25-year history of serving primarily low-to-moderate income entrepreneurs, entrepreneurs of color, female entrepreneurs, start-ups and others who may lack access to traditional forms of credit. We are dedicated to empowering entrepreneurs by providing training, resources, and access to business loans.
Accion serving Southern California is responding to the COVID-19 pandemic’s impact on small businesses by offering low-interest relief loans and support services. See below for more information.
Product Details
Accion COVID-19 Relief Loan Eligibility Requirements
Both COVID-19 products require:
- The business to be located in San Diego, Imperial, Riverside and San Bernardino counties
- A current source of income (i.e. business, job, unemployment, spousal income)
Wells Fargo Open for Business Fund to support racially and ethnically diverse entrepreneurs:
- Term loans from $5,500 to $35,000 for COVID-19 impact relief
- To use for working capital to cover rent, utilities, payroll, insurance or any other business needs due to adverse COVID-19 business impact
- Interest Rate: 2.99%
- Term: 36-60 mos. including first 6 mos. with no payments
- A grant to cover upfront fees
- No out-of-pocket costs and no prepayment penalties
- Complimentary business technical assistance (and/or financial) coaching session
Eligibility Requirements
- Business must have been negatively impacted by COVID-19
- Business owned by a racially or ethnically diverse entrepreneur
- Be in business prior to Aug. 31, 2019
- Acceptable personal credit report to include (but not exclusive):
- Minimum Credit Score of 500 (No Credit Score is OK)
- No bankruptcy or foreclosure within last 3 years
- No open liens or judgments (payment plans of at least 6 mos. OK)
- No delinquent child support
California Rebuilding Fund:
- Term loans from $2,000 to $50,000 for COVID-19 impact relief
- Interest Rate: 4.25%
- First 12 months interest-only; up to 60-month total term
- Fees:
- $0 on loans up to $5,500
- $250 on loans $5,500 and above
- No pre-payment penalties
Eligibility Requirements
- Be in business on or before June 30, 2019
- Must fill out pre-application on caloanfund.org
- Maximum $250,000 in gross business revenues last year per stated on the caloanfund.org pre-application
- Demonstrate at least a 25% decline in revenues since January 2020 due to COVID-19
- Returned to or has sustained at least 30% of pre-COVID-19 crisis revenues relative to a similar period the prior year
- Acceptable personal credit report to include (but not exclusive):
- No repossession or foreclosure within last 3 years
- No open liens or judgments (payment plans of at least 6 mos. OK)
- No delinquent child support
- No minimum FICO score required
Click the button below for more information and to start the pre-application process on www.caloanfund.org.
GET THE PROCESS STARTED
| COVID-19 Relief and Recovery Loan Product: | Loan for racially and ethnically diverse entrepreneurs
Through Wells Fargo Bank grant |
California Rebuilding Loan |
| Link to apply | https://us.accion.org/get-a-loan/#/step-1-2 | www.caloanfund.org |
*If you have questions regarding your eligibility, fill out the Contact Us form.
If you do not meet the minimum requirements above, Accion is still committed to helping your small business access support during this challenging time with the resources we have compiled on this page. We also recommend visiting the California Association of Micro-Enterprise Organization’s list of other lending institutions in your area. Select “Yes” for Microlender.
How to Prepare
- Once we receive your application and you pass the credit check, we will request the following documents. Please have them ready so that we can process your loan request as quickly as possible.
- Driver’s License or Government issued Photo ID (e.g. Passport)
- Access to 3 Most Recent Personal Bank Statements (see note below)
- Access to 3 Most Recent Business Bank Statements (see note below)
- 2019 Business Tax Return
- 2019 Personal Tax Return
- COVID-19 Impact and Recovery Plan (Accion form will be provided)
- Bank account information for loan funds disbursal (Form provided by Accion for direct deposit and 1st page of bank statement for account verification – account name must match business legal name)
Please Note: To make this process fast and efficient, we will request access to your bank account transactions using a secure portal. If you are not currently enrolled in online banking for your business and personal bank accounts, or if you do not remember your username and password to your online accounts, we will refer your application to our partner, the Small Business Development Center, for assistance with loan packaging and collecting the required documents to complete your loan file (including your bank statements).