Beyond Banking: Our Small Business Loans

ACCION USA goes beyond banking to work with business owners who are not able to obtain loans from traditional lenders.  If you are determined to start or grow your small business and are committed to good credit management, ACCION USA can provide the small business loan or alternative financing you need.

Basic Loan REquirements

Your loan consultant will work with you one-on-one to walk you through our loan requirements when you apply. But before you get started, learn about our basic loan requirements below or check out our FAQs by clicking here . In general, to qualify for a loan you must:

• Have a credit score of 575 or more.
  Find out if you are likely to meet this requirement: use  MyFico's Credit Score Estimator for free, or obtain your actual credit score for a small fee at AnnualCreditReport.com
  
• Have not have declared bankruptcy in the past 12 months or foreclosure in the past 24 months
  
• Have not had any late rent or mortgage payments in the past 12 months
• Be up-to-date on all bills
• Not have more than $3,000 in past due debt, generally acquired under emergency circumstances (such as layoff or illness)
• Exhibit steady cash flow and the ability to support monthly loan payments. Learn More
  
• Be able to provide a cosigner, if needed
• If you have a mortgage, it must be fixed-rate or an adjustable rate mortgage that does not adjust during the term of the loan.

Special requirements for start-up and Transition business loans

Start-up business loans: for businesses that have six or more months in operation, but are not yet profitable
Transition business loans: for the purchase of an existing business or change of business location

• Six or more months in operation are required. You must be prepared to show 6 months of business revenue before applying for a loan.
• Must provide a qualified cosigner
• A market study and 12 months of projected financials (or a business plan) are required
• If the business is not yet profitable, a borrower must have external income that is fully able to support the loan. If this income is spousal income, the spouse must sign on the loan.