In 2019, Accion Serving the East Coast grew our mission to new heights.
We supported over 1,000 small business owners with $15 million in capital through microloans and SBA Community Advantage loans, an eleven-year high for the organization and $1.2 million more than in 2018. We provided over $1 million per month in 2019.
This mission growth not only reflects a quantitative success in reaching new heights but also a qualitative success in achieving new depths by delivering local mission impact to those who need it most.
With their loans, 273 small business owners created new businesses, while another 734 grew and stabilized their businesses – creating and sustaining 3,323 jobs.
Pictured: Renzo Pereda and Steven Toledo, owners of Bronx Barx in the Bronx, NY.
Pictured: Fabiola Ruela, owner of Paloma’s Mexican Cuisine in Brooklyn, NY, with family and staff.
Our portfolio of borrowers were as diverse as ever: 79% of our clients identified as a minority, 60% were immigrants, and 65% are characterized as low-to-moderate income. On top of that, we grew our support for women from 41% to 50% over the past 2 years.
We put $2.9 million in the hands of 29 entrepreneurs through our SBA Community Advantage program, a loan program for underserved start-ups and storefronts. We saw 4 clients graduate to bank financing for the first time and all within 3 years of their initial loan with us.
Pictured: Tania Jauregui, owner of Nitin Bakery in Miami, FL.
We provided business guidance to over 4,800 business owners through over 12,300 hours of one-on-one counseling.
Pictured: Jefter Gomes, owner of High Impact Construction in Marlboro, MA.
Pictured: Olean Ferguson, co-owner of O&E Childcare in the Bronx, NY.
We expanded our Childcare Provider Initiative, an industry-focused program born of our strategic plan with seed funding from Citi Community Development, to all 5 NYC boroughs and launched pilot programs in Florida and Boston, enabling these women to provide workforce access and childcare in their neighborhoods, Since launching the program, we’ve lent $2.6 million in capital to 190 childcare providers – including $2.2 million lent in 2019. Learn more about a mother-daughter owned daycare, O&E Childcare.
We received the SBA Community Partner of the Year Award for our tremendous impact on the Florida small business community.
Pictured: Mariana Cortez, owner of Bunnie Cakes in Miami, FL.
For the 7th consecutive year, we were recognized with the SBA Microlender of the Year Award in Massachusetts for our continued support of MA entrepreneurs.
Pictured: Munirat Lamina, owner of AB Laurels in Saugus, MA.
Since launching the Entrepreneurs of Color Fund in the Bronx in 2018, we continued to deepen our impact, providing 101 local entrepreneurs with over $1.3 million in capital – doubling dollars historically deployed in the Bronx in 2019.
Pictured: Alice Weise, owner of Nubian Hair Studio in the Bronx, NY.
Pictured: Our team at our Orlando, FL all-staff offsite, joined by Jerry Ross, President of the National Entrepreneur Center
Accion ended the decade with record lending and mission momentum. Our growth came through expanding our tested microloan and SBA Community Advantage programs, as well as deploying new industry-specific solutions and partnerships to reach the most challenged entrepreneurs. Our most successful year in the last eleven years couldn’t have been possible without your support and partnership. As we celebrate, we thank you for walking with us into the future, creating deep and lasting economic opportunity where it’s needed most.