UPDATE (7/1/2020): In addition to our COVID-19 relief program described below, Accion has restarted our regular small business lending program offering term loans from $300-$100,000 to serve business owners with funding needs outside of COVID-19 relief efforts. Please feel free to fill out this contact us page so we can connect with you via phone to see if you qualify.
Since 1994, the mission of Accion has been to provide economic opportunity for primarily low-to-moderate income business owners who lack access to traditional sources of credit. Through business loans and support services, Accion strengthens the foundations of emerging entrepreneurs and helps them to thrive in their communities, creating positive social and economic change.
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.
- From $5,500 to $50,000 term loans for COVID-19 impact relief
- Low, fixed interest rate with a max of 3.99%*
- No payments for the first 6 months
- Terms up to 60 months, including the 6-month deferral
- Administrative fees waived (State Guaranty fee financed with the loan)
- Serving San Diego, Imperial, Riverside and San Bernardino counties
*(1% interest for businesses located in unincorporated areas of San Diego County through the San Diego County COVID-19 Small Business & Nonprofit Loan Program)
Accion COVID-19 Relief Loan Eligibility Requirements
- Business must be located in our COVID-19 relief loan service area listed above
- Must have a current source of income (i.e. business, job, unemployment, spousal income)
- Business must have been in operation prior to August 1, 2019
- Must be current with credit report
- No bankruptcy discharged within the past 12 months
- No active business loans with daily or weekly payments
- Must have less than 50 employees
Click on the APPLY FOR A LOAN BUTTON on the right-hand corner of this page to get the process started by filling out a short contact form.
If you are eligible to apply based on your business zip code, we will send you an email inviting you to fill out a loan application.
*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)
- Most Recent Business Tax Return (if 2019 isn’t available, 2018 Business Tax Return is acceptable with 2019 Financial Statements (Balance Sheet & Profit & Loss Statement))
- Most Recent 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).
*The 1% loan product for the unincorporated area of San Diego County is funded through The San Diego County Small Business & Nonprofit Loan Program.