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.”
-Lauren Boucher
Accion Pricing
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.
| Interest Rate | |
| Closing Fees | |
| One-time Processing Fee | |
| Payout | $8,000-$100,000 (businesses with less than 6 months of sales history) $50,000-$250,000 (more established businesses) |
| Repayment Period |
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%.
Accion Features
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.
Accion FAQ
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.
Top Accion Alternatives
Not sure if Accion is the right fit for you? Read our reviews of all top lender providers or check out one of these three Accion competitors.
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Lauren Boucher
Review SourceFitSmallBusiness invited user to leave a review and offered a nominal gift card as a thank you.
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.
See above
This company is not service oriented, the lack of good customer service is the number one fault. Erroneous charges, late fee’s when it is not late, and no one can corroborate a story because no one stays long enough to do so. Its poorly run, and managed.
Review SourceFitSmallBusiness invited user to leave a review and offered a nominal gift card as a thank you.
Jason Rapoza
Review SourceOrganic
I am writing this as a clear WARNING of how I was manipulated over the last 30 days and it’s direct impact on my personal and business life. As I am in bewildered awe, of not only how unprofessional it was handled, but the complete lack of contact, and by complete I mean absolutely none, with the exception of my calls to this organization, with the final exception of one returned call. One.
I have been diligently working to structure my business and expand it in a fashion of profitability, a planning years in the works, instrumental for a number of factors, even more so as my daughter went off to University this past August.
In mid December I was referred to Accion for a number of factors, including my low credit score as a result of identity theft. Secondly I believe perhaps, my race of Portuguese/Brazilian which is often called into question locally, although I did earned my bachelors degree in Economics and Marketing from studying both hear and abroad.
After applying on December 29th, I contacted your organization the first week in January to follow up, explained my situation, and I was told that my application was being processed and approved, that as long as I had my information on identity theft, information on income from my company, for the past 6 months to 1 year, I was eligible and would have a positive result in a week, with an amount undetermined at that time. I had not received an email, or call, of receipt of my application, or of it’s pending result, or have I to this day. I called again the second and third week of January with no returned call. Finally, I called a main number I believe in DC, and was referred to a number in Boston, I had the opportunity to speak to a woman for about 5-10 minutes, and told I would receive a call back later that day or within a few hours. I did receive a message to call someone back and did so, I left a message on Friday January 26, 2018.
I had the opportunity to speak to someone TODAY and was informed that my application was denied on Friday, after my conversation with someone last Friday, January 26th, after I was informed otherwise, on more then one occasion. After I confirmed I could go forward, with expanding and investing what little I had back into the business. I was told my application was denied THAT DAY, and an email was sent to me on Saturday the 27th. I never received any such email.
Let me be direct in informing you of the impact of what the incompetence that Accion has had on my life now. As of Today, I have no choice but to consider giving up my residence and moving in with family temporarily. I have to start making serious immediate cut backs before the first. Therefore as a result of there incompetence I may be essentially homeless, at 51 years old with my daughter in college. Although I will recover, hopefully before she comes home for break. I should have never put out the funds I did, with the expectations of getting proceeds before the end of the month, to find out now I am completely denied. Just like that, oh well type of a response today on the phone.
I was recently approved to sell my items on Amazon Prime. I very large if not huge expansion for my company. A process I have been working on for months. I must continue my focus on that, and other aspects of my business while, this major set back, has absolutely devastated my life. I hope going forward, your organization will take matters far more serious, as you hold peoples lives at stake, this is not just an application, or a phone call, or an email. It’s a life, a lively hood, a career path, a sense of stability, your organization put not only at risk, but jeopardized and directly devastated.
Review SourceOrganic
Samuel Beard
Review SourceOrganic
This company’s loan process is horrible. Do not waste your time with them. They do not loan money. The underwriters even laugh at you even when you have good credit. they are terrible to deal with, worse than tryin to buy a house. And still will not loan a cent. They suck!
Review SourceOrganic
tony
hey Samuel,
i am in the process of getting the paperwork together to send out when i came across your review. did you wind up paying the $2500 fee? how far did you get? my lending adviser is extremely nice and very helpful & informative. i did speak to a biz owner that received a loan from them almost 2 years ago and he was very happy. i know the interest rate is on the high side but when you have no other resources available to get you biz started anything is better than nothing. you can email me at anthonycardile@yahoo.com if you have any other tips or info for me thx
micheal cantu
Review SourceOrganic
Well let me first start off by saying, that my loan was approved. I signed the documents, and then they come back and say your loan is denied due to UCC liens. I have great credit all being new, and then told oh you have 4 liens. I told Jennifer Siegel , no I have never had a lien. I pay everything on time. She stated oh, it’s not on your credit report, but we have to get it resolved. I am going all the way with this. I intend to contact every legal authority regarding this loan. I do not want to see this happen to anyone else. She has all of my personal information. I’m not sure why my loan went to Denver Colorado , and not Dallas Texas. Very strange, Then after I sign the loan documents. I am told that you did not get approved because of collateral. Well know did she forget that I did not need collateral which is in an email she sent. I do not think that they should receive federal money and abuse those that are in the community to grow their business.
Review SourceOrganic
Why
Review SourceOrganic
Don’t go the company for a loan they full Bull they accept people with bad credit but I got good credit and they denied me twice because my business wasn’t a home based then came back and said I was approved then came back and said well you have medical bill almost seven years old denied and my lender placer was like that’s unusual for them and it’s a mark on my credit.
Review SourceOrganic