Microfinance pioneer ACCION USA today announced the opening of its new lending office in Savannah. The opening ceremony, to be led by Dr. Otis Johnson, mayor of Savannah, Mr. Michael Brown, Savannah city manager, and Mr. Bill Burrus, president & CEO of AUSA, will take place at 11:30 a.m., on February 13th in the plaza of the United Way Building on 428 Bull Street.

Mr. Burrus, a microfinance industry leader for over 35 years and founding member of ACCION International and ACCION USA, will provide insights on microfinance and its expected impact on the Savannah economy at the ceremony.

In Savannah, approximately 23 percent of the population lives below the poverty line-almost twice the national average. With high rates of poverty and under-employment, many local residents turn to self-employment to earn a living. Since 2001, ACCION USA has lent $5.3 million in the state of Georgia, helping hundreds of entrepreneurs and communities across the state.

"In a community like Savannah, which houses such incredible entrepreneurial spirit, microfinance is a key strategy for fighting poverty and creating jobs," said Mayor Johnson. "By supporting Savannah's budding entrepreneurs, ACCION USA can make an impact in some of our poorest neighborhoods. The city is proudly behind this initiative."

A majority of "micro" entrepreneurs lack access to formal capital due to an absence of collateral or credit history necessary to borrow from a bank. As a nonprofit and a community-based organization, ACCION USA seeks to financially empower these entrepreneurs so they can increase family income, create jobs and revitalize economically disenfranchised communities. Eligible borrowers range from operators of part-time, home-based enterprises to owners of hair salons, lawn-care businesses, neighborhood restaurants and specialty tour companies.

Supported by grants from the City of Savannah, United Way of the Coastal Empire, SunTrust, and Bank of America, the new ACCION USA office will provide business loans ranging from $500 to $25,000 to self-employed individuals who do not have access to traditional sources of business credit.