ACCION New York, a nonprofit provider of small business loans and training, has announced the launch of its 2008 Taxi Outreach Initiative.  Through targeted marketing and community outreach, ACCION will provide New York City taxi drivers with loans for insurance renewal and vehicle purchase costs.  

While traditional lenders have been wary to provide financing to taxi drivers, ACCION New York has effectively served this small business sector with the loans needed to finance insurance renewals, vehicle purchases, and equipment upgrades.  Since 2002, ACCION has made over $5 million in loans to New York's taxi community, concentrated in the neighborhoods of Upper Manhattan, the South Bronx, Queens, and Northern Brooklyn.

"ACCION New York's mission is to provide the self-employed, including taxi drivers, with the resources necessary to run profitable businesses," says Jill Stephens, Vice President of Lending at ACCION New York.  "Like any entrepreneur, taxi drivers need capital to invest in their businesses in order to make them as successful as possible."

ACCION New York insurance renewal and vehicle purchase loans range from $500 to $25,000 and have flexible requirements.  Taxi drivers can also receive free credit and business training at ACCION's Training, Resource, and Advising Center.  Individuals interested in a loan can call (212) 387-0494 to apply.

ACCION New York a leading New York City small business lender, contributes to the economic development of the New York metropolitan region by providing loans and advisory services to those that do not have access to traditional sources of credit. Since its inception in 1991, ACCION New York has provided over $72 million in small loans to entrepreneurs that do not have access to traditional sources of credit.  Ranging from experienced restaurateurs to home-based businesses and native New Yorkers to recent immigrants, loan recipients have transformed capital into citywide economic development, positive community change, and personal empowerment. 

In January 2009, ACCION New York combined operations with ACCION USA.