Under ACCION USA’s microloan program, SBA microloans up to $35,000 will be available at 8.99% annual interest rates in New York State.
Brooklyn, NY (PRWEB) June 24, 2010
ACCION USA (AUSA), a leader in U.S. microfinance, has been approved as a U.S. Small Business Administration (SBA) microlender. Under AUSA’s SBA microloan program, SBA microloans up to $35,000 will be available at 8.99% annual interest rates in New York State.
ACCION USA will use $750,000 in SBA funding to provide loans to small businesses that have experienced difficulty borrowing from mainstream banks. ACCION USA has a 20 year history working with New York State small businesses, having historically provided over $87 million in small business loans to businesses in the state ranging from home based operations to restaurants and retail stores.
The program comes at an opportune time for small businesses that are struggling to grow and improve profits during the recession. “This loan program is designed to help increase access to low-cost credit during tough financial times,” says Gina Harman, president and CEO of ACCION USA. “The result of this program will be businesses that are strong enough to survive the recession and create employment for others in their community. We are proud to put our extensive experience in small business lending to work with the SBA Microloan Program.”
SBA’s Microloan Program was developed to increase the availability of smaller business loans to prospective small business borrowers. Under this program, the SBA makes funds available to nonprofit intermediaries, like ACCION USA, who in turn make loans to eligible borrowers.
For more information about ACCION USA’s small business loan requirements, webinars, partnerships, and how to apply, visit http://www.accionusa.org.
ABOUT ACCION USA
ACCION USA is a leading U.S. microfinance organization that provides access to capital and financial education to low- and moderate-income individuals, primarily minorities and women. A pioneer and recognized leader in U.S. microfinance, ACCION USA empowers individuals to create sustainable businesses, increase family incomes, and contribute to the economic development of cities across the U.S. Since inception in 1991, ACCION USA has provided over $119 million in small business loans ranging from $500 to $50,000, offered nationwide via the ACCION USA online lending platform. For more information about small business loans, visit http://www.accionusa.org.