Microfinance pioneer and small business lender ACCION USA has received important grant funding from the Boston Foundation. The $50,000 grant will support ACCION USA's work with Greater Boston's microentrepreneurs: small business owners with five or fewer employees.
According to Gina Harman, President and CEO of ACCION USA, the grant will help fund a Portuguese-language outreach program for microloans, and financial education.
"ACCION USA has disbursed nearly 1,000 microloans in Massachusetts during the past seven years. More and more, Portuguese-speakers make up a significant percentage of our clients in Greater Boston," Ms. Harman said. "This grant from the Boston Foundation will give us additional resources to reach new clients and deliver badly-needed loans and financial education."
"ACCION USA is the ideal organization to nurture entrepreneurial activity in the region with its microfinance strategy," said Paul S. Grogan, President and CEO of the Boston Foundation. "This grant will provide needed economic opportunity to the region's grassroots communities."
ACCION USA was founded in 1991, and has disbursed $113 million in 18,000 microloans. In addition to its office in Boston, ACCION USA has offices in New York, Florida, and Georgia.
About The Boston Foundation
The Boston Foundation, Greater Boston's community foundation, is one of the oldest and largest community foundations in the nation. In Fiscal Year 2008, the Foundation and its donors made close to $79 million in grants to nonprofit organizations and received gifts of $113 million, bringing its assets to $838 million. The Foundation is made up of some 900 separate charitable funds established by donors either for the general benefit of the community or for special purposes. The Boston Foundation also serves as a major civic leader, provider of information, convener, and sponsor of special initiatives designed to address the community's and region's most pressing challenges. For more information about the Boston Foundation, visit www.tbf.org or call 617-338-1700.
About ACCION USA
ACCION USA is a private, nonprofit organization that serves low- and moderate-income individuals, primarily minorities and women, who are unable to access mainstream business loans and financial services. A pioneer and recognized leader in the domestic microfinance field, ACCION USA is dedicated to providing microentrepreneurs and individuals on the economic margin with the crucial chance to access capital and develop greater financial literacy. ACCION USA is a member of the U.S. ACCION Network, the largest U.S. microlending network, with over $210 million lent since inception in 1991. ACCION USA business loans range from $500-$50,000 and are offered nationwide via the ACCION USA online lending platform. For more information about ACCION USA's small business loan products, visit www.accionusa.org.
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