News and Events

Accion Now Offers Loans Statewide

ILLINOIS SMALL BUSINESSES NOW HAVE MORE ACCESS TO LOANS

Accion Expands Microlending Statewide

Contact: Mary Fran Riley

312-275-3000 x111

mfriley@accionchicago.org  

Chicago, Ill., August 1, 2012 -- Accion in Chicago, a member of the largest nonprofit microlending network in the United States, announces its statewide expansion to provide small business loans from $500 to $50,000 for start-up and existing businesses. “I have seen firsthand the impact Accion’s microlending program has had on small businesses in Chicagoland,” said U.S. Senator Dick Durbin (D-IL). “Expanding access to microloans for small business owners across Illinois will create jobs that are key to economic recovery.”

Accion is partnering with local organizations in seven cities to support entrepreneurs in their area. These certified organizations can process loan applications and handle closings. The initial group of remote lending partners includes: the Small Business Development Center (SBDC) at Rock Valley College in Rockford; the SBDC at Bradley University in Peoria; the SBDC at Rend Lake College in Mt. Vernon; and Justine PETERSEN in East St. Louis.

“Microlending is a critical program for small businesses owners who have a vision, but lack the seed money needed to develop their business and hire employees,” said Senator Durbin. Durbin serves as Chairman of the Financial Services and General Government Appropriations Subcommittee, which provides funding for the Small Business Administration’s microloan program and the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) fund. Accion in Chicago is a certified CDFI.

“Illinois small business owners want to invest and revitalize their neighborhoods,” said Jonathan Brereton, CEO of Accion in Chicago. We will certify additional partners in Macomb, Springfield, and Carbondale in the near future. Meanwhile, small businesses operating anywhere in Illinois are eligible to apply online or by visiting a remote lending partner.

This is the first time Accion microloans have ever been available to Illinois entrepreneurs outside of the Chicagoland area. Accion in Chicago has provided small business loans since 1994 to entrepreneurs in 13 counties in Chicago, its suburbs, and Northwest Indiana. In 2011, Accion Chicago lent more than $2 million to 301 small businesses that created and retained nearly 1,000 jobs.

For more information about Accion’s small business loan requirements and how to apply, visit www.accionchicago.org.

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ABOUT ACCION IN CHICAGO

As the largest and only nationwide micro- and small business lending network in the United States, Accion connects small business owners with the accessible financing and advice it takes to create or grow healthy businesses. In Chicago, Accion offers business loans between $500 and $50,000. Historically, over $20 million has been lent in the region.

Since 1991, the five members of Accion’s U.S. Network have collectively made over 44,000 loans, totaling over $320 million. Additionally, over 400,000 business owners across the nation have turned to Accion for financial and business advice via workshops, online tools, and one-on-one consultations. Globally, Accion (www.accion.org) is a pioneer in microfinance, reaching millions of individuals through its international network of partners. For more information on Accion in Chicago, visit www.accionchicago.org.

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