October 19, 2019

CSRWire.com The Corporate Social Responsibility Newswire

news by category

CSR News

ACCION USA Reaches $25 Million Microloan Milestone

Submitted by: ACCION International

Categories: Community Development, Socially Responsible Investing

Posted: Dec 10, 2007 – 01:32 PM EST

 

Internet Lending Key to Rapid Expansion

Dec. 10 /CSRwire/ - BOSTON, MA - December 10, 2007 – Microfinance pioneer ACCION USA today announced that it has now lent over $25 million in domestic microloans, or small business loans ranging from $500 to $25,000. ACCION USA is the domestic arm of global microfinance provider ACCION International, which issued the first microloan in 1973.

"We believed strongly in the potential for microfinance in the United States when ACCION USA was founded in 2000," said ACCION USA president and CEO Bill Burrus. "This rapid and sustained growth validates that the need for microloans is as real in Boston and Boise as it is in Brazil and Bangladesh."

ACCION USA's Internet lending platform has been a key contributor to the non-profit organization’s rapid expansion. Since launching the service in 2006, ACCION USA has disbursed over 400 Internet loans in 35 states, totaling nearly $3 million. Overall loan volume has increased by approximately 30 percent over 2006, with 25 percent of all new loans now originating via the Internet.

"For years, we were confined to making loans through our offices in Atlanta, Boston and Miami," said Livingston Parsons, ACCION USA senior vice president. "The Internet has economically and dramatically expanded our reach, bringing much-needed microcredit to both rural and urban areas. We believe that we are now the only microlender serving individuals nationwide."

By providing microloans, financial education and other financial services, ACCION USA improves the lives of lower-income home- and storefront-based business owners who are unable to access other sources of commercial credit. Despite limited resources, ACCION USA's borrowers have repaid their loans at an historical rate of 93 percent. ACCION USA is part of the U.S. ACCION Network, which since 1991 has collectively made $205 million in loans to 20,073 microentrepreneurs.

About ACCION USA

ACCION USA is a private, nonprofit organization that serves low-income microentrepreneurs, primarily minorities and women, who are unable to access bank credit for their businesses. A pioneer and recognized leader in the domestic microfinance field, ACCION USA is dedicated to providing microentrepreneurs and individuals on the economic margin with the crucial chance to borrow capital at fair rates of interest. In doing so, ACCION USA enables clients to increase family incomes, create jobs and revitalize and empower economically disenfranchised communities. For more information, visit www.accionusa.org.

For more information, please contact:

Monica Lai ACCION USA
Phone: (617) 616-1589
Phone 2: (617) 616-7080

 

Issuers of news releases and not csrwire are solely responsible for the accuracy of the content