How To Apply
Our loan process is approximately 15 business days. The overall length of time is dependant on how quickly the applicant turns in complete requested information. Applications received with no activity for over 30 days will be canceled from the process.
Please read over the steps in the loan process before applying online.
Getting a loan from Accion starts with filling out an application. This application can be completed online by clicking here or submitting a paper application. There is no need to collect any paperwork at this initial stage. Once your application and the $30 fee are submitted, you will be notified by a Loan Officer within 2 business days if you are pre-approved for a loan.
To pay your $30 application fee through our secure PayPal account, click on the button below.
Once you are pre-approved, we will ask you to collect some supporting documents for our underwriting department. These requested documents could include: tax returns, sales and expense records, bank statements, paycheck stubs, references, utility bills, etc. After the supporting documents are submitted to our office, your Accion Loan Officer will conduct a collateral inspection. Average time to complete depends on the applicant.
Your documents and the collateral inspection report are then submitted to the underwriting department by your Loan Officer for final review. If your loan request passes the underwriting review your Loan Officer will recommend it to the Accion Loan Approval Committee at their weekly meeting. Average time to complete this step is 3 to 5 business days.
Once your loan request is approved by the Loan Approval Committee, you and your Loan Officer will schedule a closing date. At the closing, loan documents are signed by the client and co-borrowers and co-signers if applicable, and checks will be disbursed to you and/or your suppliers.
After you receive your loan, you will make regular monthly payments using our easy direct payment option through your business checking account. Remember that Accion Chicago staff is always on hand to guide you through the payment process, answer any questions you may have, and to provide you with referrals to professional organizations in the community for assistance with legal, marketing, accounting or other business issues.
More questions? Contact us!