Accion Opportunity Fund
Compare Review — Pr with competitors like Ondeck and Lendio, read our full review, see what customers have had to say, and learn details of their loan products.
Updated on June 30th, 2022
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Updates:
Updated 25th of March 2022
We updated the article to reflect the new company formed between Accion and Opportunity Fund.
Updated 7th of February 2020
We added pricing info and comparisons with popular competitors OnDeck and Lendio.
Accion Opportunity Fund is a nonprofit financial support system that offers small business loans and aims to advance racial, gender, and economic justice. In 2020, Accion U.S. Network and Opportunity Fund joined forces to form a new brand called Accion Opportunity Fund.
Pricing:
Accion Opportunity Fund does not make its pricing available online. Interested users should apply in order to find out more information about interest rates and payment terms.
Review:
Accion Opportunity Fund's aim is to help promote financial inclusivity to minority entrepreneurs and businesses owners, such as people of color, women, and immigrants through their financial support system, including loans, educational resources, coaching, and support networks.
Unlike lending platforms like OnDeck and Lendio, Accion Opportunity Fund is a nonprofit organization that aims to support small businesses beyond providing access to funding by advocating and facilitating involvement with local business networks, mentorships, and other skills development programs.
Pros:
- Accion Opportunity Fund loans are accessible to businesses that struggle to get funding through traditional lenders.
- The company offers interest rates as low as 5.99%.
- Business loans range from $5,000 - $100,000 with transparent terms and no prepayment penalty.
- Loans are structured to suit individual businesses' requirements.
- 90% of Accion Opportunity Fund's clients are women, people of color, or immigrants.
- Accion Opportunity Fund provides resources in both English and Spanish.
- The platform provides access to financial education, coaching, and networking opportunities.
- The website features a resource library of business articles and videos across a wide range of topics.
- The platform considers more than applicants' credit scores to determine business viability.
Cons:
- The only offers relatively small loan amounts.
- Accion Opportunity Fund is not suitable for larger businesses.
Reputation:
We were unable to find any online reviews of Accion Opportunity Fund. However, the platform does feature a number of testimonials from satisfied customers on its website.
At a Glance:
Feature | Accion Opportunity Fund |
|---|---|
Online Portal | ✓ |
Mobile App | x |
Lines of Credit | x |
Term Loans | ✓ |
Customer Support | Phone. |
24/7 Support | x |
Autopay | x |
Rates:
Loan Type | Loan Amount | APR |
|---|---|---|
Term Loan | $5,000 - $250,000 | 7% - 34% |
Accion Opportunity Fund vs. Ondeck:
OnDeck offers $100,000 lines of credit at an average APR of 35.2% and term loans up to $500,000 at an average APR of 49.06%. While Accion Opportunity Fund's general APR range for term loans comes in a bit lower, the general loan amounts offered also tend to be much smaller.
In terms of qualification requirements, Accion Opportunity Fund is the more accessible option for borrowers with poor credit ratings. However, if you need fast access to funding, OnDeck is the better option.
Accion Opportunity Fund vs. OnDeck Comparison:
Offer | Accion Opportunity Fund | OnDeck |
|---|---|---|
Loan Type | Term loan | Term loan |
Max. Loan Amount | $100,000 | $500,000 |
APR | Starting at 5.99% | 49.06% |
Accion Opportunity Fund vs. Lendio:
While Accion Opportunity Fund offers term loans tailored to the needs of borrowers, Lendio offers an extensive portfolio of loan products through its network of lenders, including SBA-backed loans, lines of credit, merchant cash advances, equipment financing, and more. Both lenders have fairly low credit score requirements.
While Lendio does offer much larger loan amounts than Accion, Accion offers better resources to support small businesses with regard to financial education and access to business networking.
Accion Opportunity Fund vs. Lendio Comparison:
Offer | Accion Opportunity Fund | Lendio |
|---|---|---|
Loan Type | Term loan | Term loan |
Max. Loan Amount | $100,000 | $2,000,000 |
APR | Starting at 5.99% | Starting at 6% |
Features:
While Accion Opportunity Fund does not offer features such as a loan calculating tool or mobile app for added convenience as many other online lenders, including OnDeck and Lendio, a key differentiating feature of their services is the additional resources they provide. These resources include an extensive library with articles and videos providing business and financial advice, as well as special networking and mentorship programs.
Key Products:
Term loans.
Accion Opportunity Fund offers germ loans tailored to borrowers' needs. The average loan amounts are small and more suitable for small businesses and entrepreneurs. Low credit score requirements make these loans accessible to borrowers with poor credit ratings. While the online application is quick and easy, the funding process can be quite lengthy.
Key Information:
Legal Name | Accion Opportunity Fund |
Founder | Joseph Blatchford |
Founding Date | Jan 01, 2020 |
Address | 111 W. St. John St., Ste. 800, San Jose, CA 95113 |
Number of Employees | 500 |
Number of Customers | 1000000 |
Telephone | |
Website |
FAQs:
What is Accion Opportunity Fund?
Accion loans are granted to new and experienced entrepreneurs from various backgrounds and a variety of industries. Accion microlending is categorized according to socio-economic factors and the type of business you run.
What is the price range for Accion Opportunity Fund loans?
Accion Opportunity Fund does not make its pricing available online. Interested users should apply in order to find out more information about interest rates and payment terms.
Do I qualify for Accion Opportunity Fund loans?
When applying for Accion Opportunity Fund business loans, the company will review your credit rating. If you have a bad credit rating, they will work with you by looking at your business's strengths and finances to make the loan possible.
How do I apply for an Accion micro loan?
Applying for an Accion microloan is quick and easy. Simply enter the online application form to get the process started and the company will share a number of offers for you to choose from.
What are some Accion alternatives?
- The Loan Exchange.
- Behalf.
- Fundbox.
- Headway Capital.
- Kabbage.
- OnDeck.
- Funding Circle.
- Credibility Capital.