U.S. based microfinance nonprofit awarded $6.98 million grant from the U.S. Department of the Treasury to provide financial services to low-income Americans
New York, New York - August 27, 2014 - All five members of the Accion U.S. Network - the largest and only nationwide, nonprofit micro- and small business lending network in the United States - were awarded grants from the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund late yesterday. The fund uses federal resources to invest in CDFIs to build their capacity to serve low-income people and communities that lack access to affordable financial products and services.
In total, the independent 501c(3) nonprofit members of the Accion U.S. Network received $6.98 million from the CDFI Fund:
- Accion Chicago received $1 million, an 18 percent increase from 2013;
- Accion East received $1.5 million, an 11 percent increase;
- Accion New Mexico • Arizona • Colorado • Nevada received $1.6 million, an 18 percent increase;
- Accion San Diego received $880,000, a 17 percent increase; and
- Accion Texas received $2 million, a 48 percent increase and the largest single award amount.
Accion's CDFI Fund awards will support the five organizations in increasing access to capital for entrepreneurs in the 25 cities and 49 states they collectively serve.
"We're excited to use these dollars to strengthen our mission-based work and level the playing field for small business owners across the country," said Elizabeth Schott, Chief Executive Officer of Accion San Diego. "These awards will position more entrepreneurs in local communities with the capital and skills to start and grow their businesses."
This year's CDFI Fund awards provided over $195.4 million to 185 organizations serving low-to-moderate income communities throughout the United States. Read the full press release and awardee list.
About Accion in the U.S.
As the largest and only nationwide nonprofit micro- and small business lending network in the United States, we connect small business owners with the accessible financing and advice it takes to create or grow healthy businesses. Since 1991, the five members of Accion's U.S. Network have collectively made over 50,000 loans, totaling over $406 million. Additionally, over 400,000 business owners across the nation have turned to Accion for financial and business support via workshops, online tools, and one-on-one consultations. Globally, Accion (http://www.accion.org) is a pioneer in microfinance, reaching millions of individuals through its international network of partners. For more information visit http://usnetwork.accion.org.
For more information, contact:
Director of Communications
Accion U.S. Network