Articles Archive
ACCION Introduces Business Loans Up to $300,000
FOR IMMEDIATE RELEASE
Contact: Vice President of Advancement Lynn Trojahn
(505) 243-8844 ext. 5018, (505) 573-1180 cell
Albuquerque, N.M. (April 22, 2011) – ACCION New Mexico ∙ Arizona ∙ Colorado (ACCION) has recently increased its range of business credit products to include loans of up to $300,000. The nonprofit organization’s previous loan ceiling was $150,000. ACCION now offers small businesses that have been in operation for more than two years loans up to $300,000 and lines of credit from $20,000 to $100,000. The organization offers younger businesses, including start-ups, loans up to $100,000.
The expansion of ACCION’s credit product line for small businesses is related to the strong demand the organization is experiencing this year. During the first quarter of 2011, the number of loans issued by ACCION increased by 82% compared to the same period in 2010.
“We are pleased to offer this new credit option to the owners of small businesses who are poised to thrive well into the future with a boost of capital for purposes that include expansion and major equipment purchases,” said Vice President of Lending and Client Services Leslie Hoffman. “The small businesses we serve are driving economic growth and, with our new loan ceiling of $300,000, we are delighted to be able to offer our clients more resources for their financial success.”
ACCION’s mission of providing credit and training to nurture small business development is widely supported in the banking community and two of the bank executives who serve on the organization’s Board of Directors commented on the development.
“Wells Fargo is proud to support our small businesses across the country, and this is just one way we hope to help small businesses grow and expand,” said Lisa Riley, regional president for Wells Fargo New Mexico and a member of ACCION’s Board of Directors. “At Wells Fargo, we want to serve our customers when, where and how they want to be served, and provide access to resources to help them succeed financially.”
Paul Sowards, vice chairman of Century Bank and former ACCION Board chairman added, "ACCION fills an important role in providing credit availability and mentoring to small businesses and entrepreneurs. In many cases, these business owners have been unsuccessful in finding the credit they need from traditional sources. The newly increased loan ceiling will allow ACCION to better serve the needs of their existing clients as those clients expand. It will also permit ACCION to reach out to a new group of clients whose credit needs exceeded previous limits.”
ACCION is dedicated to helping small business owners create assets, build income, and achieve financial health. The organization offers small business loans between $200 and $300,000, along with training, networking and other support services to those who want to start a business or business owners looking to expand.
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Founded in 1994, ACCION has financed the start-up and/or growth of 3,111 businesses
through 4,899 loans totaling more than $31.9 million.
The organization serves entrepreneurs in 253urban and rural communities
across New Mexico, Arizona and Colorado through partnerships with local banks and organizations.
ACCION’s client businesses report creating or sustaining an estimated 4,978jobs.
Please visit us at www.accionnm.org or call 1-800-508-7624.
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Please contact Erin McDermott at emcdermott@accionnm.org regarding any errors or requested revisions.