Accion U.S. Network members receive $7.1 million in CDFI Funding
New York, New York, September 25, 2013 – For the first time ever, all five members of the Accion U.S. Network, the largest micro- and small business lending network in the United States, were awarded grants from the Community Development Financial Institution (CDFI) Fund. The CDFI Fund, which just yesterday announced this year’s awardees, uses federal resources to invest in CDFIs to build their capacity to serve low-income people and communities that lack access to affordable financial products and services.
In total, the members of the Accion U.S. Network, which operate as independent 501(c)3 nonprofit organizations, were awarded $7.1 million from the CDFI Fund:
Accion Chicago received $847,000,
Accion East and Online received $1.35 million,
Accion New Mexico • Arizona • Colorado received $1.35 million,
Accion San Diego received $747,000,
and Accion Texas Inc. received $1.35 million. In addition, the San Antonio-based organization also received $1.5 million as part of the Healthy Foods Financing program, one of only 10 awardees in this category.
This year’s CDFI Fund awards provided over $172 million to 191 organizations serving low-to-moderate communities throughout the United States. Awardees represent a diverse group of credit unions, depository institutions, loan funds and venture capital funds. Accion's CDFI Fund awards will support the five organizations in increasing access to capital in the 25 cities and 49 states they collectively serve.
“We are grateful to the CDFI Fund and send our warm congratulations to all the grant recipients across the country,” said Anne Haines Yatskowitz, president and CEO of Accion New Mexico • Arizona • Colorado. “It’s thrilling that all five Accion organizations received funding this year. We are excited for the impact these dollars will have on the lives of entrepreneurs across the country.”
Proud to be serving small businesses in the U.S. for over 20 years, Accion has made more than 47,000 loans totalling more than $380 million since inception in 1991.
About the Accion U.S. Network
As the largest nationwide micro- and small business-lending network in the United States, we connect small business owners with the accessible financing and advice it takes to create or grow healthy businesses. Since 1991, the five members of the Accion U.S. Network have collectively made over 47,700 loans, totaling over $380 million. Additionally, over 400,000 business owners across the nation have turned to Accion for financial and business advice via workshops, online tools, and one-on-one consultations. Globally, Accion (www.accion.org) is a pioneer in microfinance, reaching millions of individuals through its international network of partners. For more information visit us.accion.org.