May 5, 2009 :: Business

ACCION Chicago Offers Small Business Loans

ACCION Chicago offers loans for service, retail, wholesale and manufacturing businesses.  Below is a quick fact sheet about the special loans offered by ACCION Chicago.  For more information, please contact ACCION at (312) 275-3000 or www.accionchicago.org.

Service Area
11-County Chicagoland area, specifically Cook, Lake, McHenry, DeKalb, Kane, DuPage, Kendall, Grundy, Kankakee, Will and LaSalle counties PLUS Kankakee and Lake and Porter counties in Indiana.

Businesses Served
Service, retail, wholesale and manufacturing businesses are eligible to apply for a loan. Not-for-profit businesses and businesses involved in real estate development or multi-level marketing programs are not eligible.

Purpose
Leasehold improvements, inventory, supplies, working capital, machinery and equipment purchase. Debt refinance and purchase of real estate are not eligible loan purposes.

Loan Amount
Loans for established businesses from $500 to $25,000 ? Loans for start-up businesses with less than 6 months of revenue history from $500 to $15,000 ? Credit Builder Loan from $200 to $2,500

Loan Product
Term Loans and Balloon Loans for contract/invoice financing

Loan Interest Rate
Fixed rate starting as low as 11%, depends on credit risk and history of the business, no prepayment penalty

Term
Up to 5 years, depending on loan size, purpose and cash flow

Fee
A one-time commitment fee up to 6% of loan amount plus collateral filing fees, all fees financed.

Collateral Position
UCC filing on all business assets, mortgage on personal or business real estate, lien on personal or business vehicles. Loans must be fully secured by collateral or guaranteed by a qualified co-signer.

Recourse
Full guarantee of all owners with 20% or more ownership

To Apply
Begin by completing an ACCION application online or by requesting a paper application by fax or mail from our office. If you are pre-approved for a loan, your Loan Officer will send you a list of supporting documents to collect. The next step is a site visit/ collateral inspection by your ACCION Loan Officer. Upon submission of all requested documents, your loan request is analyzed by an ACCION Underwriter. The request may then be recommended to the ACCION Loan Approval Committee at their weekly meeting. Turn-around time is 10-15 business days from submission of your application.