About Our Loans
The mission of Accion Chicago is to provide credit to small businesses that do not have access to loans from commercial sources. Accion Chicago lends from $500 to $50,000 with terms from 2 to 72 months. Collateral filing fees and a commitment fee are added to the loan requiring no out of pocket expense at the time of closing. We require loans to be secured by collateral which is valued at liquidation or trade-in prices. Accion Chicago may also request a cosigner in some cases (Cosigner: A person who does not live in the applicant's household and is not a principal member of the business. Cosigners must have good credit and the capacity to make the loan payment). Accion Chicago never charges a fee for early payoff of a loan, and even encourages it.
To read more about Accion Chicago's terms and conditions, just click on the topics listed below.
- Loan amounts range from $500 to $50,000
- Loan terms up to 72 months
- Loan types include start-up business loans, established business loans, and balloon loans
- Loan purpose ranges from inventory and equipment purchase to business marketing, payment of licensing fees, and other expenses associated with building a business
- Money in your hands (or loans disbursed) in approximately 15 business days from receipt of application
- Minimal application documents—less than banks require
Get answers to Frequently Asked Questions. Read our Accion Chicago Microloan Fact Sheet. Also, you can always call us at (312) 275-3000, or email info@accionchicago.org.