Accion is a microlender that provides small, short-term loans to startups and small businesses. It offers small business loans for a variety of purposes but is structured in a way that the borrower’s specific location and state determine which loans he or she has access to. In this article, we cover user reviews and rates. Ready to get started with Accion? Visit their website.
What Accion Does Well
As of the date this article was written (01/22/19), there are no recent positive reviews of Accion available online.
What Accion Does Not Do Well
There are not a lot of negative Accion reviews online. However, some expressed their frustration that their applications were not approved. Others complained about the difficulty of getting in touch with the company’s support team.
“I am writing this as a clear warning of how I was manipulated over the last 30 days and its direct impact on my personal and business life. I am in bewildered awe of not only how unprofessional it was handled, but also of the complete lack of contact with the exception of my calls to this organization, and with the final exception of one returned call.”
— Jason Rapoza
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 $1,000,000. Fixed rates range from 7% to 34% APR. Interested parties may use the monthly payment calculator on the company’s website to get an idea of their loan costs.
|One-time Processing Fee|
$8,000-$100,000 (businesses with less than 6 months of sales history)
$50,000-$1,000,000 (more established businesses)
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.
Ready to get started with Accion? Visit their website.
Top Lenders Pick from Fit Small Business
Best SBA Lenders: Top 100 SBA Lenders — With more than 3,000 SBA lenders nationwide, choosing the best SBA lender can be difficult. Some of the best SBA lenders approve average loan amounts of about $75,000 to more than $1.5 million, with interest rates averaging around 6.4 percent to more than 9.2 percent. In this guide, we’ll show you the 100 top SBA lenders per current SBA data, and review 10 of the top SBA lenders.
Check out the list below of some of Accion’s features:
- Flexible Rates
- Customized Terms
- Online Application
- Online Resources
- Loan Expert Access
- Local Insights
What types of businesses does Accion lend to?
Can borrowers still re-apply after their loan application gets rejected?
How long does the application process take?