Accion Texas

• Guaranteed Amounts/Loan Amounts – Group Loans (3-6) entrepreneurs: $3000; Individual loans: $500 - $50,000
• Offers lines of credit from $5,000 - $25,000 for established businesses with 2 year financial history
• Start-up business loans must have industry experience and personal equity investment, and another source of income.
• Applicants must be at least 21 years old and must live and maintain the business in Texas
• The business must be legal (but not necessarily licensed or registered)
• Applicant must demonstrate personal commitment to the business and invest loan proceeds into the business. They must have a way to repay the loan and have limited access to bank credit.
• Use of Loan Proceeds – Working capital, Equipment, Real Estate Acquisition, Rehab/Construction
• Maturity – Maximum of 7 years
• Maximum Interest Rate – 10% to 13% depending on credit and collateral
• Guarantee Fees – No fees apply – Only when loan is approved is there a service fee to cover processing and servicing the loan. This fee will be included in the loan proceeds.
• Collateral – This is a collateral based loan
• Qualifications – In some cases a co-signer may be required. Group or individuals who do not have access to commercial sources.
• Flexible terms from 5 – 120 months
• Credit history and risk determine loan amount and interest rate
• Headquarters in Austin, Brownsville, Corpus Christi, Dallas, Fort Worth, El Paso, Houston, Laredo and McAllen.