Accion is a microlender that provides small, short-term loans with a lower than average APR to startups and small businesses. Since lending to startups is riskier than lending to established businesses, Accion performs an extensive check on both personal and business finances before approving an application. There were only a few Accion up-to-date user reviews, but the ones we found were all negative. We also shared its rates and fees.
Want to know the top lenders for small business? Read our Accion alternatives guide.
Summary of Accion User Reviews
Most Helpful Positive User Review
As of the date this article was written (09/03/18), there are no up-to-date positive reviews of Accion available online.
Most Helpful Negative User Review
“It is very hard to find something that ACCION does well, simply because they do so much that is incorrect and have a very poor platform for service. What I remember is how badly I have been treated.”
Unlike its competitors, Accion doesn’t have a “one size fits all” loan type. Their loan offers vary depending on what state you live in and how successful your business is. For startups without a credit history, Accion offers a payout of $300 to $8,000, while larger and stable businesses can get $8,000 to $250,000.
|One-time Processing Fee|
$8,000-$100,000 (businesses with less than 6 months of sales history)
$50,000-$250,000 (more established businesses)
Upon securing a loan, you have to pay a closing fee of 3-5% of the loan amount, plus a one-time processing fee of $135. Accion gives its clients anywhere from 6 to 60 months to repay the loan, where borrowers pay the principal amount plus an interest of 4.99%-15.99%.
Check out the list below of some of Accion’s features:
- Fair and Flexible Rates
- Simple Online Application
- Local Insights
Helpful Lender Resources
Startup Business Loans 2018: The 12 Best Ways to Fund Your Startup — Read about several options for funding a startup. We’ll discuss everything from SBA loans to angel investors to Rollovers for Business Startups (ROBS).
Alternative Business Loans: 9 Alternative Financing Options for Small Businesses — Check out our article about alternative business loans and how you can choose the right financing solution for your business situation.
Top 5 Bad Credit Business Loan Options for 2018 — Learn about the alternative financing options if you have bad credit (under 600) and can’t get a bank loan.
What types of businesses does Accion lend to?
Accion works with various types of businesses such as retail, construction, transportation, hotels and restaurants, professional services, and more.
What if my loan application is rejected?
Interested loan applicants can reapply after three to six months.
Accion Overview Video
This video shows how Accion can help you grow your business.