Lisa Anthony is a former NerdWallet writer covering small-business. Before Nerdwallet, she had more than 20 years of experience in banking and finance.
Lisa Anthony is a former NerdWallet writer covering small-business. Before Nerdwallet, she had more than 20 years of experience in banking and finance.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
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Lisa Anthony is a former NerdWallet writer covering small-business. Before Nerdwallet, she had more than 20 years of experience in banking and finance.
Lisa Anthony is a former NerdWallet writer covering small-business. Before Nerdwallet, she had more than 20 years of experience in banking and finance.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
NerdWallet's content is
fact-checked for accuracy, timeliness, and relevance by humans.
It undergoes a thorough review process involving writers and editors to ensure
the information is as clear and complete as possible. Learn more by checking
our
Editorial Guidelines.
Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small business and personal finance.
50+ categories of the best business loan selections.
NerdWallet's small-business loans content, including ratings, recommendations and reviews, is overseen by a team of writers and editors who specialize in business lending. Their work has appeared in The Associated Press, The Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.
Advertiser disclosure
You’re our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. And while our site doesn’t feature every company or
financial product available on the market, we’re proud that the guidance
we offer, the information we provide and the tools we create are
objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence
which products we review and write about (and where those products
appear on the site), but it in no way affects our recommendations or
advice, which are grounded in thousands of hours of research. Our
partners cannot pay us to guarantee favorable reviews of their products
or services. Here is a list of our partners .
Accion Opportunity Fund Small Business Working Capital Loan
Overview
The bottom line:
Accion is a good option for businesses that haven't been able to secure traditional financing. The lender targets its funding efforts toward minority, women and low-to-moderate-income entrepreneurs.
Loan details
Min. Loan Amount
$5,000
Min. Term Length
12 months
Min. APR
8%
Max Loan Amount
$350,000
Max Term Length
5 years
Max APR
24%
Qualifications
Min. credit score
600
Min. Time in Business
12 months
Min. Annual Revenue
$50,000
Pros & Cons
Pros
Loan amounts from $5,000 to $250,000.
Customized loan terms.
No prepayment penalty.
Cons
UCC lien filed for loans greater than $50,000.
Slower processing speed compared with online lenders.
Accion Opportunity Fund (AOF) is a nonprofit community lender offering customized loans to small-business owners throughout most of the U.S.
Over 80% of AOF borrowers identify as people of color, nearly 33% identify as female and 63% are of low-to-moderate income. In addition to small-business loans, AOF also provides educational resources and coaching support in English and Spanish.
How much do you need?
We’ll start with a brief questionnaire to better understand the
unique needs of your business.
Once we uncover your personalized matches, our team will consult you
on the process moving forward.
Accion is best for borrowers who:
Don't have perfect credit. Factors other than your credit score can be used to determine qualification.
Prefer customized options. Loan terms are structured based on your business needs.
Accion Opportunity Fund loan features
Loan amount
From $5,000 to $350,000.
Interest rates
8.49% to 24.99%.
Origination fees
3% to 5%.
Terms
12, 24, 36 or 60 months.
(No penalty for repaying early.)
Repayment schedule
Monthly.
Funding speed
Find out if you're preapproved in just 15 minutes. Receive funding in an average of seven days.
Where Accion stands out
Flexible credit requirements
AOF says that most of its borrowers have not been able to get loans with traditional lenders because they have poor credit, no credit history or require a small loan amount. AOF can use more than a borrower's credit score to determine whether they qualify for a business loan. Annual revenue requirements vary by loan. However, borrowers will be asked to share information about their revenue and expenses.
AOF can structure a loan to meet your specific business needs. After submitting an application, you may be able to choose from several loan options with different term lengths, interest rates and monthly payment amounts. If AOF can't provide a loan, it will refer you to one of its partners or provide other financing options for you to explore.
Additional services offered
AOF does more to help small businesses than just offering loans. Free business coaching and mentoring are also available. You can set up an appointment for one-on-one assistance provided by a business expert on topics such as accessing capital, business strategies, certification programs, commercial leasing, legal support, financial management, marketing and human resources. In addition, AOF's resource center offers videos, articles and interactive learning materials.
Where Accion falls short
Funds can't be used to start a business
AOF loans are designed to support existing small-business owners, and you’ll need to be in operation for a minimum of 12 months to apply. This means you won't be able to use loan funds to start a business. However, most lenders won’t work with a business that’s been in operation for a short time, and AOF’s requirement of 12 months of operations is fairly generous.
AOF loans are available in most U.S. states, but you won't be eligible if your business is located in Montana, North Dakota, South Dakota, Tennessee or Vermont. Also, minimum loan amounts and business entity requirements apply in certain states.
Accion loan requirements
Minimum credit score: 600.
Minimum time in business: 12 months.
Minimum annual revenue: $50,000.
How to apply for a loan from Accion
After completing an application online, you'll receive a quote, which AOF says won't affect your credit score. You will need to provide some basic information about your business, including revenue and expenses. Then, AOF will review loan options with you, including interest rates, repayment amounts and terms. If there are no options that work for you, AOF can refer you to other resources.
If you decide to move forward with a loan offer, you'll be asked to provide documents that AOF can use to verify the information you provided on your application. After reviewing the documentation, your loan will be finalized; you'll sign loan documents, then receive funds.
Alternatives to Accion loans
SBA loan
An SBA loan is another option to consider. These loans are offered through banks but partially guaranteed by the Small Business Administration. This can make them easier to qualify for because the lender takes on less risk. SBA loans also offer flexibility when a borrower has less-than-perfect credit.
In addition, funds from an SBA microloan can be used to start a business, but are limited to a maximum of $50,000. AOF loans, by contrast, cannot be used to start a business; a business must be in operation for a minimum of three months to qualify for an AOF loan.
Kiva U.S.
Kiva is a nonprofit that facilitates peer-to-peer microlending for small businesses. You can get up to $15,000 at 0% interest if you qualify. Kiva loans don't require a minimum credit score or collateral.
Still, there are other eligibility requirements, such as the business must be based in the U.S., and you can't currently be in foreclosure, bankruptcy or under any liens. One unique Kiva provision is that borrowers are asked to demonstrate their strength of character by having friends and family make loans to them.