Hoodgrown Posted May 29, 2009 Share Posted May 29, 2009 Saw this on Practical Ecommercehttp://www.practicalecommerce.com/articles/1120-Ecommerce-Know-How-Alternative-FinancingI applied: Accion For Micro-Businesses - http://www.accionusa.org/Accion USA is a private and nonprofit organization that has been helping low-to-moderate income business people get funding when they cannot qualify for traditional bank loans. The organization is part of Accion International a poverty-fighting group that is perhaps best known for the funding of businesses in Africa, South America, and other relatively poor regions.Accion International was founded in 1961 and first started lending in Brazil. Its simple mission was to give "people the financial tools they need―microenterprise loans, business training and other financial services―to work their way out of poverty."Since 1991, Accion has been offering loans in the United States to middle income business people, and is playing a role in helping to overcome the current economic woes by actively offering loans. Accion offers loans from $500 to $50,000. Ecommerce businesses can use these funds to buy inventory, boost marketing, improve their websites, etc.Terms for the loans are up to 60 months depending on the loan value, and will cost a 3-to-5 percent closing fee and about 8-to-15 percent in annual interest. Once the loan application is compete Accion responds in 10 days or less. And remember the standard for qualification is lower than what banks require.To qualify for an Accion USA loan, a business owner must be: * 18 years of age or older * No recent bankruptcies (in the past 12 months) * Generally up to date on all bills (no more than $3,000 in past due debt) * Some stable source of income Link to comment Share on other sites More sharing options...
Recommended Posts