Monday, September 8, 2014

Accion San Diego Receives $880,000 CDFI Fund Grant [Press Release]

FOR IMMEDIATE RELEASE

Accion San Diego, a nonprofit microlender offering business loans from $300 to $75,000, was awarded an $880,000 grant from the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI). The CDFI Fund 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.

This is the largest CDFI Fund grant that the organization has ever received, having been awarded $747,000 last year and $600,000 each of the two years before that. It is also the single largest financial contribution received in the organization’s 20-year history.

“We look forward to supporting additional small business owners with access to capital using this award, and are honored that the growth and increased capacity of our organization is being recognized by the CDFI Fund with a year-over-year increase in funding,” said Accion San Diego’s CEO Elizabeth Schott. “This achievement comes in an exciting year as we celebrate our 20th-anniversary of serving small business owners and we invite the public to come join us at our ‘20th Accion-iversary Party’ on Oct. 9 from 5 to 7 p.m.”

The other four members of the Accion U.S. Network, the largest micro- and small business lending network in the United States, were also awarded grants from the CDFI Fund. In total, the independent 501c(3) nonprofit members of the Accion U.S. Network received $6.98 million from the CDFI Fund:
  • Accion San Diego received $880,000, a 17 percent increase from 2013; 
  • Accion Chicago received $1 million, an 18 percent increase; 
  • Accion East received $1.5 million, an 11 percent increase; 
  • Accion New Mexico • Arizona • Colorado • Nevada received $1.6 million, an 18 percent increase; 
  • Accion Texas received $2 million, a 48 percent increase. 
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.

This year’s CDFI Fund awards provided over $195.4 million to 185 organizations serving low-to-moderate income communities throughout the United States. Awardees represent a diverse group of credit unions, depository institutions, loan funds and venture capital funds.

For more information about Accion’s 20th-anniversary celebration visit: http://20years.accionsandiego.org

About Accion San Diego
Accion San Diego is a non-profit microlender dedicated to connecting entrepreneurs with the accessible financing and resources it takes to create or grow healthy businesses. By providing loans ranging from $300 to $75,000, it creates opportunity for increased income, economic stability and employment. Since 1994, Accion has provided more than 3,200 loans totaling more than $22 million in San Diego County.

Accion San Diego is a member of the Accion U.S. Network, the largest micro- and small business-lending network in the United States. The network’s five members have collectively made more than 45,000 loans totaling more than $350 million. Globally, Accion is a pioneer in microfinance, reaching millions of individuals through its international network of partners. For more information on Accion San Diego, visit www.accionsandiego.org.

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Contact: Joseph Lee
jlee@accionsandiego.org
(619) 795-7250 ext. 408

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