Accion Small Business Loans Review

Accion Small Business Loans is a business financing offering by Accion, based in San Diego, CA. Founded in 1961, Accion offers access to business loans in 50 states (and Washington, DC).

What are Accion Small Business Loans’s rates?

Accion Small Business Loans offers a fixed APR business financing product that ranges from 7% APR up to 34% APR.

Does Accion Small Business Loans charge an origination fee?

Yes, Accion Small Business Loans charges a loan origination fee.

What limitations does Accion Small Business Loans set on the purpose of the loan?

Accion Small Business Loans considers loan applications for business purposes, such as:

• Equipment Purchase
• Inventory
• Lease Improvement
• Product or Service Expansion
• Working capital

What types of business loans does Accion Small Business Loans offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Accion Small Business Loans provides access to the following business loan types:

• Unsecured term loans

Does Accion Small Business Loans charge prepayment fees?

Yes, Accion Small Business Loans charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.

How much can you borrow from Accion Small Business Loans?

Loan amounts start at $300 and go up to $250,000.

What do you need to qualify for Accion Small Business Loans?

Accion Small Business Loans does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 575 and up to 850 may be eligible for Accion Small Business Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Accion Small Business Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Accion Small Business Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Recent bank statements
• Business formation documents
• Driver's license
• Government issued photo ID
• Proof of identity

Does Accion Small Business Loans report your account activity to credit bureaus?

Yes, Accion Small Business Loans reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.