News and Events
Accion Now Offers Loans Statewide
SMALL BUSINESSES NOW HAVE MORE ACCESS TO LOANS
Expands Microlending Statewide
Contact: Mary Fran Riley
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.”
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.
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.
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.
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.
more information about Accion’s small business loan requirements and how to
apply, visit www.accionchicago.org.
ABOUT ACCION IN CHICAGO
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.
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