Community and Partner Outreach Part 1 How We Lend.
Why Microfinance? Microfinance bridges the ever-widening credit gap, and is especially important in today’s economy. Access to Credit: 10 million microbusinesses nationwide face difficulty obtaining capital from conventional sources. Alternative to Predatory Lending: Predatory lenders charge avg. annual interest rates over 300% and accounted for over $42 billion in loan volume in 2008.
24 million people in the U.S. are microentrepreneurs2
1Association for Enterprise Opportunity (2009), “Microenterprise Business Statistics,” AEO. http://www.aeoworks.org/index.php/site/page/index.php/site/page/category/research/#MEBS. 2 Washington State Microenterprise Association (2009). “Microenterprise in the U.S. and Washington State.” http://www.sneda.org/documents/MicrointheUSandWashington.pdf 3 FIELD (2008). “Microentrepeneurs and their businesses: 2008 Microtest Outcomes.” http://www.fieldus.org/MicroTest/MTOutcomes08FactSheet.pdf
About ACCION USA Since 1991,ACCION USA has been committed to building strong, vibrant communities by providing low-to-moderate income business owners with access to capital and financial education.
Creates an average of 2.4 new jobs per microenterprise
ACCION USA borrowers pay 24% more than the national minimum wage of $9/hr
Sustainability! ACCION USA’s business survival rate is 98% for established businesses
1.ACCION USA (2009). “Sustaining businesses and jobs amid the financial crisis: Outcomes Data in the ACCION USA Footprint, 2007-2008.” http://www.accionusa.org/Uploads/FileManager/Publications/ACCION%20USA_2009%20Impact%20Study.pdf 1
Innovative Partnerships Samuel Adams “Brewing the American Dream” Tory Burch Foundation Count Me In for Women’s Economic Independence Banking partnerships
Partnerships - Kiva ACCION partnered with Kiva in 2009 to raise awareness of U.S. microlending . By sharing stories about their businesses to the online community, entrepreneurs receive support for their microfinance efforts through Kiva’s website (www.kiva.org). The stories inspire and educate the public, enabling ACCION to raise funds and continue lending to small business owners across the country.
Community Outreach Volunteers… are committed to advancing the mission of ACCION USA. work closely with the ACCION USA Loan Consultants (LC’s) to grow and strengthen our lending portfolio. provide assistance throughout all stages of the micro lending process, from outreach and intake to final disbursal. gain valuable knowledge about US microfinance and are instrumental in furthering the mission of ACCION USA, to reach the individuals who need us most.