Accion Opportunity Fund Partners with Gusto Increasing Small Businesses Access to Credit - Partnership Press Release
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Accion Opportunity Fund Partners with Gusto Increasing Small Businesses Access to Credit

As small businesses struggle to access affordable capital, the nation’s leading nonprofit lender and tech-driven payroll and HR provider, Gusto, join forces to keep capital flowing to Main Street businesses.


Media Contact:
Caitlin McShane
(415) 225-8855

Nov. 9, 2021, San Jose, Calif. Accion Opportunity Fund1, the nation’s leading nonprofit CDFI providing small businesses with access to responsible capital, networks, and coaching, today announced a referral partnership with people platform Gusto, a full-service payroll, benefits, and HR company.

“Accion Opportunity Fund and Gusto share a deep commitment to serving the needs of small businesses and advocating to improve the regulatory environment to best support the nation’s smallest businesses,” said Accion Opportunity Fund CEO Luz Urrutia. “What began as an on-the-fly partnership at the start of the pandemic to connect Gusto customers with funding and support through Accion Opportunity Fund is now a long-term partnership that helps us pursue our mission to advance financial equity and inclusion in the U.S. for small businesses, especially women, immigrants and entrepreneurs of color.”

Gusto customers seeking a vetted referral for funding can now connect directly to Accion Opportunity Fund to apply for a small business loan from the nonprofit lender in a seamless and transparent process. The new partnership will ensure the sole proprietors and small businesses that use Gusto can connect with a mission-driven lender whose investments for more than 25 years have supported overlooked small businesses, 90% of which are owned by women, immigrants and/or people of color.

“Our customers rely on Gusto for critical payroll, HR, and benefits services. A common pressing issue for many small businesses is managing cash flow and accessing affordable capital,” said Jeanette Quick, Head of Compliance and Public Policy at Gusto. “Accion Opportunity Fund is a leading national non-profit lender and a critical resource that small business customers can turn to as a trusted partner for needed financing.”

Accion Opportunity Fund working capital loans range from $5,000 to $100,000 with transparent terms of 12, 24, 36 or 60 months, interest rates are as low as 5.99% and no prepayment penalties. Accion Opportunity Fund provides free expert coaching and advising services to small businesses, combining the funding and advice that propels business success. Referrals from partners like Gusto are key to ensuring small businesses learn about funding available from a leading nonprofit Community Development Financial Institution supporting small businesses nationwide.

Over the past year, Accion Opportunity Fund helped over 2,100 small businesses secure $34.5M in Paycheck Protection Program (PPP) loans, including many small businesses that were referred to the nonprofit lender by Gusto. Over 47% of PPP loans processed by Accion Opportunity Fund went to businesses run by women and/or people of color. The average size PPP loan Accion Opportunity Fund helped its clients secure was just $16,000, indicating the very small size of the firms the nonprofit organization managed to assist during a difficult time that threatened the livelihood of many Main Street business owners.

More information is available here.

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. Opportunity Fund Community Development is the lending arm of Accion Opportunity Fund, California Finance Lender license #6050609.

About Gusto

Gusto is a modern people platform that helps businesses take care of their teams. In addition to full-service payroll, Gusto offers health insurance, benefits, financial tools, 401(k)s, expert HR, remote hiring and onboarding, and team management tools. The company serves more than 200,000 businesses nationwide and has offices in Denver, New York City, and San Francisco.

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