Business Loan Requirements

Beyond Banking: Our Small Business Loans

Accion works with business owners who are not able to obtain loans from traditional lenders.  If you are determined to start or grow your small business, Accion East can provide the business loan you need. We offer loans ranging from $500 to $50,000.

General Loan Requirements

Your loan consultant will work with you one-on-one to walk you through our loan requirements when you apply. But before you get started, learn about our basic loan requirements below or check out our FAQs by clicking here . In general, to qualify for a loan you must:

  • Have a credit score of 525 or higher or no credit score
    Find out if you are likely to meet this requirement: use  MyFico's Credit Score Estimator for free, or obtain your actual credit score for a small fee at AnnualCreditReport.com
  • Have sufficient cash flow to support monthly loan payments. Learn More
  • Have not declared bankruptcy in the past 12 months or foreclosure in the past 24 months (This requirement is flexible for loans under $2,500)
  • Have no more than 4 mortgaged properties
  • Have not had any late rent or mortgage payments in the past 12 months (This requirement is flexible for loans under $2,500)
  • Is not currently more than 30 days late on any bills, loans, credit cards or other payments totaling over $3,000 (This requirement is flexible for loans under $2,500)
  • Additional security may be required depending on strength of application.

Accion cannot consider businesses involved in the following: weapons sales, real estate development, money lending or financing, multi-level marketing programs, illegal or polluting activities, or adult businesses.

Special requirements for Start-up loans

Loans up to $10,000 for individuals who are looking to start a home-based  business or have had a home-based (or incubator-based) business for less than six months.

  • Between zero and six months of business sales
  • Business located at home or in an incubator
  • Is not currently more than 30 days late on any bills, loans, credit cards or other payments totaling over $500 (This requirement is flexible for loans under $2,500)
  • Can present two recent paystubs
  • Have a business plan with a 12-month cash flow projection. Learn more

Questions? Call Customer Service: 1-866-245-0783

Other Financial Tips

How to Finance a New Business

You have the idea. You have the business model in...

Starting A Small Business

Do you have what it takes? Perhaps you have...

Why It's Important to Build Credit in the United States

Why Having a Credit History is Important in the...

Financing Alternatives for Small Businesses

Are you a small business owner in need of...

Upcoming Workshops

Flatbush Nostrand Junction BID Networking Happy Hour

Please join us for a Happy Hour to meet our Board...

FOOD LABELING AND PACKAGING WORKSHOP PART 1

MARKETING, INTELLECTUAL PROPERTY & SPECIAL...

Small Business Legal Clinic

November 11th from 5:30 pm- 7:30 pm. By...