The mission of ACCION is to provide credit to small businesses that do not have access to loans from commercial sources. Through its loans and services, ACCION helps microentrepreneurs strengthen their businesses, stabilize and increase their incomes, create additional employment and contribute to the economic revitalization of their communities.
Launched in San Antonio in 1994, ACCION is a 501(c)(3) nonprofit organization whose mission is to provide loans to small business owners lacking access to commercial credit. ACCION has successfully fulfilled its mission, with 10,000 loans totally over $88 million throughout Texas. Average loan size is approximately $15,000 and a 36 month term. With its corporate headquarters in San Antonio has satellite offices in 10 other Texas cities and makes loans up $100,000. It recently began lending operations in Louisiana.
ACCION is also an SBA 504 Certified Development Company since 1997 and has received both regional and national awards for its SBA 504 portfolio growth. ACCION's expansive growth and success is a direct result of its ability to understand and personally serve very small businesses excluded from mainstream financial services. Borrowers typically have relied on credit cards or expensive and predatory fringe financial services, such as payday loans, check-cashing services, and pawnshops to fund their business endeavors. In many cases, lack of formal financial statements, blemished credit histories, and limited collateral keep these businesses from qualifying for traditional bank credit. ACCION seeks to alleviate these conditions by bridging the credit gap with both a committed social and economic focus.