News and Events

Albuquerque, N.M. (March 1, 2010) – Bank of America, a longtime partner of ACCION New Mexico ∙ Arizona ∙ Colorado (ACCION), has increased its commitment in support of small business by raising its Program Related Investment (PRI) in ACCION from $2.5 million to $3.5 million. Program Related Investments are used to increase the financial capacity of charitable organizations, including community development financial institutions such as ACCION. This long-term extension of credit by Bank of America will enable ACCION to provide more loans to entrepreneurs and small business owners across not just New Mexico, but Arizona and Colorado as well. Bank of America’s PRI is the largest credit instrument ACCION has received from any financial partner since its inception in 1994. 

This most recent announcement adds to Bank of America’s more than ten-year history of supporting ACCION in its growth. In recognition of this support, ACCION honored Bank of America with its Open Door Award during ACCION’s annual Financial Friends event.

 

“ACCION is proud to present Bank of America with our Open Door Award for supporting ACCION in the achievement of so many key milestones for the organization, such as our recent regional expansion,” said Lynn Trojahn, ACCION vice president of advancement. “Bank of America has provided significant contributions and referrals to ACCION, and we are grateful to have them as our Financial Friend and partner.” 

“ACCION plays an important role in delivering capital to small businesses in underserved communities that may not be able to access traditional financing. By partnering with ACCION in New Mexico, Arizona and Colorado, we can provide more loans to the local, vibrant entrepreneurial community than would otherwise be possible,” said Jim Smith, New Mexico market president for Bank of America.

 

The PRI also continues Bank of America’s long-standing partnership with the U.S. ACCION Network across the country, and is part of its community development commitment to increase lending and investing in local communities with an emphasis on small business development in underserved areas.

In 2009, ACCION lent over $3.82 million to 364 entrepreneurs across New Mexico, Arizona and Colorado.   ACCION has lent over $28.6 million since its inception and is dedicated to helping small business owners create assets, build wealth, and achieve financial health. The organization offers small business loans between $200 and $150,000 along with training, networking and other support services to those who want to start a business or business owners looking to expand.