Business loans for small businesses like yours

Apart from some basic personal information like your name, date of birth, and the title of your business, it can help to have financial details at hand.

• Business tax returns (we ask for last year’s sales/revenue and profit)
• Personal tax returns
• Business bank account information (your application is easy if you connect Plaid! We will just ask for your average monthly balance) 
• Details on business debts/payments (e.g. lease, real estate / equipment / vehicle / loans and lines of credit) 

We’ll give you a potential offer in just minutes without impacting your credit score. Once offers are presented, you will be able to choose which option works best for you.

We are very fast to reply to business owners at every step of the process. Someone who is prepared with their documents can get their loan funded within days.

We offer small business term loans with interest rates that range anywhere from 8.49% – 28.99%.

The interest rate is the amount of money a lender charges you for taking out a small business term loan. If you are approved for a term loan, the interest rate on your term loan can depend on multiple factors, such as:

• The type of loan and financing: Each loan type comes with a different standard range of interest rates. Interest rates for credit cards, for example, are typically higher than interest rates for term loans.
• Type of business: Some businesses are riskier to run than others. Lenders, including Accion Opportunity Fund, will consider what kind of business you’re in when setting your interest rates.
• Time in business: Lenders will also consider how long you’ve been in business — and how steady your business is — before offering you rates.
• Business financials: The stronger a business’s financials, the lower the interest rates lenders will feel comfortable offering.
• Market interest rates: Lenders always look at national benchmark rates before setting their own interest rates. Make sure to look at them yourself before you speak with a lender. That way you can tell whether the interest rate they offer you is higher or lower than average.
• Credit score: Most lenders look at both your business and personal credit scores to determine your creditworthiness. The higher your credit scores, the better your interest rate is likely to be. Accion Opportunity Fund looks at other factors beyond your credit score, like cash flow and your tax returns to determine if we can lend to you.
• Loan term: Lenders often charge lower rates for shorter-term business loans. Generally, the longer the term of the loan, the higher the interest rate will be.

Your business doesn’t need any specific collateral to be eligible for a term loan. This means you don’t have to back up your loan with assets like real estate or equipment. We do place a blanket lien on loans of $50,000 and higher.

At Accion Opportunity Fund, we pride ourselves in going above and beyond for small business owners. We will take into consideration the amount you’ve asked for in your application and, if possible, try to fund the full amount. If we’re unable to do so, we will let you know how much we are able to offer and the available repayment terms. As a general guideline, loan amounts typically do not surpass 20% of the business’s annual revenue. 

Potential offers are valid for 30 days. We want small business owners to feel comfortable and confident with their loan terms and agreement. Please contact us for clarity or with any questions that might arise while considering the offer. If a potential offer hasn’t been accepted within 30 days, we encourage small business owners to reapply and submit updated documents. Once your loan has been approved, you have 10 days to accept the offer and sign the loan documents.