Due to a lack of collateral, a poor credit history, or other factors, Accion works with entrepreneurs who are generally turned away from standard financial institutions. These businesspeople are frequently low-income women, people from underrepresented groups, or both. To assist them in starting or expanding their enterprises, creating jobs, and boosting their local economies, Accion offers them small loans and other financial services.
Accion collaborates with regional groups, authorities, and other stakeholders in addition to offering financial services to create more equitable financial systems. This entails engaging with regulators to create laws and policies that support financial inclusion as well as working with other organizations to raise public awareness of the value of entrepreneurship and financial literacy.
Although Accion charges interest and fees for its loans, these are often less than what traditional lenders charge. Depending on the nation and the particular loan product, different fees and interest rates apply; nonetheless, Accion works to keep its costs transparent and reasonable. Accion provides additional financial services outside of loans, including savings accounts and insurance products, each of which may have a cost.
A group of academics and business professionals who were moved by the concept of employing microloans to support entrepreneurs in poor nations created Accion in 1961. Since that time, the company has expanded into a multi-national network of microfinance organizations with a presence in more than 40 nations. Over the past 60 years, Accion has assisted millions of entrepreneurs in building their businesses, creating jobs, and enhancing their communities. How do you employ Accion?
Entrepreneurs can apply for a loan or other financial instrument through one of Accion’s partner institutions to use the organization’s services. These associates work with Accion to offer loans and other services to their customers. These associates include banks, microfinance organizations, and other financial service providers. Through the institutions that Accion partners with, entrepreneurs can also get access to financial education and other forms of assistance. How many borrowers has Accion loaned money to?
Accion has helped millions of entrepreneurs worldwide since its foundation in 1961. The company gave more than 3.7 million customers loans totaling $1.2 billion in 2020. More than 5 million jobs were created or maintained as a result of these loans, which also supported countless families and communities. From Asia to the United States and from Latin America to Africa, Accion’s influence has been felt all over the world.
The Chicago area’s entrepreneurs and small company owners can receive financial and professional support from Accion Chicago, a non-profit organization that is a component of the global Accion Network. By giving people access to low-cost loans, workshops, and other resources to aid entrepreneurs in starting and expanding their firms, they hope to empower people and communities.