Frequently Asked Questions: Business Loans

Accion East clientREGARDING LOAN TYPES AND TERMS:

 
1. Do you give grants?
2. How long does the application process take?
 

REGARDING REQUIREMENTS:

 
3. What types of businesses are eligible to apply for a loan?
4. Can I qualify for a loan if I have bad credit?
5. Can I obtain a loan to buy a business?

 
REGARDING BUSINESS PLANS:

  
6. What is a business plan?
7. Do I need a business plan to apply for a loan?
8. Can Accion assist me in writing a business plan?

REGARDING LOAN TYPES AND TERMS:
 

1. Do you give grants?
No

2. How long does the application process take?

Typically the process takes 10 days, providing the applicant has all the necessary documentation. View our loan process here.

 
REGARDING REQUIREMENTS:
 

3. What types of businesses are eligible to apply for a loan?
Accion East offers assistance to many different types of businesses. However, businesses that engage in weapons sales, real estate development, money lending or financing, multi-level marketing programs, illegal or polluting activities, or adult businesses are among those that are not eligible.

 

4. Can I qualify for a loan if I have bad credit?
Accion East requires a minimum credit score of 525 on your FICO Report. If you do not meet this minimum requirement, we encourage you to use our Financial Education Resources to learn how to boost your credit score before applying. We also offer a credit coaching program.

 

5. Can I obtain a loan to buy a business?
Yes. Accion East classifies this as a new business. Please see our requirements for new businesses.

REGARDING BUSINESS PLANS:
 

6. What is a business plan?
A business plan is a written document that outlines the specifics of your enterprise. This includes information on the mission of your business, its products/services, the market that it serves, the competition, and the goals and obstacles that your business may face in the future. Click here to access the Accion Business Plan Template.
 
7. Do I need a business plan to apply for a loan?
For new (or start-up) businesses (See definition), a detailed business plan with cash flow projections that cover at least 12 months is required to obtain a small business loan or startup loan.

8. Can Accion assist me in writing a business plan?
For more information on writing a business plan, please click here.

 

 

 

 

For questions please call our Customer Service line
1-866-245-0783

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