Getting financing for a small business can be difficult, and according to a study released by the Small Business Administration, securing the capital needed to start or grow a small business can be even tougher for minority-owned businesses and minority entrepreneurs.
Despite that, minority-owned businesses have been growing at twice the national average, and immigrants are nearly twice as likely as native-born Americans to start businesses. Accion is committed to helping minority-owned businesses.
Accion is a nonprofit, community organization dedicated to helping small business owners succeed and thrive. We provide fairly priced, flexible loans to a diverse group of entrepreneurs. In fact, over 60% of our borrowers come from minority communities.
Accion provides loans to minorities in a wide variety of industries including:
- Restaurants or other food businesses
- Personal services
- Plus many other start-up and established business types owned by minorities
Accion can provide the financing and the assistance you need to be successful, such as advice on how to get your minority-owned business certified so that you have more competitive access to contracts. Accion also offers numerous other ways to advance your business, such as support through workshops and online resources.
Accion can provide a loan so you can:
- Buy or upgrade equipment
- Purchase supplies
- Add new health and beauty services
- Hire staff
- Market and promote your businesses to attract new clients
Consider the experience of Felix Vazquez and Nancy Cortina, owners of Then-n-Again. Vazquez says, “We found a storefront in our neighborhood but needed money to get the space ready. Accion was willing to give us a $5,000 loan to repair, paint, carpet and move in.”
If you need financing to start or grow your business and your company is:
- Native American-owned
- Other minority-owned