Accion Opportunity Fund Partners with Alignable, Increasing Small Businesses’ Access to Credit
San Jose, Calif. — Accion Opportunity Fund (AOF), the nation’s leading nonprofit organization providing small businesses with access to responsible capital, networks, and coaching, today announced a referral partnership with Alignable, the online social network of over 7 million entrepreneurs in the U.S. Accion Opportunity Fund is now a vetted lender on Alignable’s newly launched Financing Solutions marketplace. Small businesses are facing historic inflation for the costs of goods, supply chain bottlenecks that constrain cash flow, and a tight labor market. To keep the nation’s 30 million small businesses open, Main Street entrepreneurs need access to capital, along with expert advice and networks. This partnership leverages the strength of both organizations to help connect underinvested small business owners with affordable capital as they rebound from the pandemic.
“In any crisis, there is an opportunity to dig deep and reimagine a better way forward. This pandemic laid bare how fractured our small business credit markets are in this country,” said Adriana Eiriz, Vice President Sales & Partnerships, Accion Opportunity Fund. “Community Development Financial Institutions across the country stepped in as financial first responders for small business owners when COVID hit. We’re looking to lift up those who have been overlooked and underfunded for far too long. Partnering with Alignable is one way we’re working to accelerate progress towards an inclusive small business economy.”
“With small businesses working hard to bring back customers lost due to COVID, supply chain challenges impacting revenue generation, and inflation a rising concern, we are thrilled to bring Accion Opportunity Fund onto Alignable’s Financing Solutions Marketplace,” said Eric Groves, Alignable Co-Founder & CEO. “We’re excited to give businesses suffering the most the unique funding solutions and vast expertise that this highly recognized, non-profit lender can provide. We’re sure many of our 7 million members will benefit greatly from this partnership.”
Accion Opportunity Fund provides small businesses across the U.S. with access to capital, networks, and coaching. For over two decades, loans issued by the nonprofit have played a role in improving financial health for small businesses, with nearly 90% of its clients being people of color, immigrants, and/or women. In 2020, the mission-driven organization committed to accelerating its initiatives to serve more small business entrepreneurs, especially Black-owned businesses. During the past two years, Accion Opportunity Fund awarded $1.5 million in grants, over $5 million in loan payment relief, and deferred or forgave loan payments for over 4,000 entrepreneurs. AOF’s business coaches offered personalized one-on-one sessions to support almost 450 entrepreneurs, most of whom are women of color.
To keep momentum going to support a strong and inclusive Main Street recovery, Accion Opportunity Fund will continue to add partners, like Alignable, in order to connect more small businesses with the affordable, transparent funding and expert advice they need to thrive. Especially in communities that are poorly served by the financial mainstream, building trust, including through partnerships, is key to expanding financial access more equitably and thoroughly across the U.S. Alignable joins a growing group of small business support-advocate organizations working with Accion Opportunity Fund to increase financial health for overlooked, underinvested entrepreneurs, including: American Express, DoorDash, Gusto, LendingClub, Rosy Salon and UPS.
Loans offered through Accion Opportunity Fund Community Development, the lending arm of Accion Opportunity Fund, range from $5,000 to $100,000 with transparent terms up to 60 months, and interest rates ranging from 5.99% to 14.99% with no prepayment penalties.
About Accion Opportunity Fund
Accion Opportunity Fund works to create an inclusive, healthy financial system that supports the nation’s small business owners by connecting entrepreneurs to affordable capital, educational resources, coaching, and networks. Through innovative partnerships and outreach strategies, we reach entrepreneurs of color, low-income entrepreneurs, and women, who often lack access to the financial services they need to build and grow their businesses. Accion Opportunity Fund Community Development is the lending arm of Accion Opportunity Fund, California Finance Lender license #6050609.
