Tuesday, January 28, 2014

2013: Another Record Breaking Year!

We are excited to share that 2013 was another record-breaking year for Accion San Diego, with increases seen in all production categories. This is the second year in a row that we have seen record-breaking growth, and we are now the fastest-growing office in terms of lending volume of the five Accion US Network offices!

Here are some highlights from the year:
  • Our loan portfolio reached a new high in December, almost hitting $3.9 million, a 29 percent increase from 2012. 
  • Amount of loans disbursed was up 20 percent, with a record-breaking $2.5 million disbursed in 2013 compared to $2.1 million in 2012. 
  • Loan issuance was up 26 percent, with 209 loans made compared to 166 in 2012. 
  • Portfolio quality remained strong with a repayment rate above 99 percent. 
  • Overall funding increased, with notable gifts including a $100,000 grant over two years from the Leichtag Foundation and a $747,000 grant from the U.S. Department of Treasury’s Community Development Financial Institutions Fund, the single largest gift received in the organization’s 19 -year history. 
  • Accion also saw a 72 percent increase in attendance for its free small business training events in 2013, with more than 693 entrepreneurs attending a record 13 Accion hosted events.
  • Accion launched the Accion Academy for Entrepreneurial Success, an 8-week class teaching potential entrepreneurs how to go from concept to launch, and graduated its first 14 entrepreneurs.
Accion’s success in 2013 demonstrates the ongoing need for more flexible and accessible capital in the San Diego small business community. Though small business lending is up at traditional lenders, these loans are still typically reserved for entrepreneurs with more established credit and at least two years of business history. Given this need, we remain committed in 2014 to our mission of providing access to capital.

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