Mayor of New York City Michael Bloomberg has named ACCION USA the M/WBE (Minority/Women Business Entity) Advocate of the Year for the microfinance organization's leadership in minority and women-owned business development.
The award was one of twelve provided at the eighth annual Neighborhood Achievement Awards, presented by Mayor Bloomberg and Small Business Services Commissioner Robert Walsh, and honors an individual, business, or organization whose leadership within the M/WBE community has encouraged entrepreneurship among other women and minorities and whose success has strengthened New York City's small business landscape.
"It has been ACCION USA's honor to serve New York City's small business community for nearly two decades," said Gina Harman, president and CEO of ACCION USA. "By providing affordable credit and financial education services, we will continue to empower local entrepreneurs to build strong businesses, create jobs, and be a force for positive change in our city's neighborhoods."
Recent reports indicate that minority and women entrepreneurs face higher barriers in accessing credit than their male and non-minority counterparts. For example, the Center for American Progress noted in a 2007 report that the loan denial rate for African Americans was more than double that of Caucasians. ACCION USA has historically served a client base that is 94 percent minority and 40 percent women, and has lent over $87 million to New York metropolitan area entrepreneurs.
About ACCION USA
ACCION USA is a nonprofit microfinance organization that provides access to capital and financial education to low- and moderate-income individuals, primarily minorities and women. A pioneer and recognized leader in U.S. microfinance, ACCION USA empowers individuals to create sustainable businesses, increase family incomes, and contribute to the economic development of cities across the U.S. Since inception in 1991, ACCION USA has provided over $117 million in small business loans ranging from $500 to $50,000, offered nationwide via the ACCION USA online lending platform. For more information about small business loans, visit www.accionusa.org.