Accion Texas | LOAN PROCESS & ELIGIBILITY

   Loan Products

   $500-$250,000 Loans

   SBA 504 Loans

       Loan Application

     Talk to us about a
     small business loan
    We have small business loans that will make
    your life easier,
    help you buy the equipment and supplies you
    need – and get you on the path to
    business success. We also offer loans
    to non-profit organizations.


    Or, an SBA 504 loan

       Most of our clients hear about
       our small business loans from
       current ACCION Texas Inc.
       clients, friends, family, neighbors,
       and other personal connections.
       You can help others get access
       to much-needed financial support
       by referring them to us.
       CLICK TO REFER A BUSINESS.

       Make a loan payment online
       or by phone or mail.

    We have offices
   in Texas, Louisiana,
   Arkansas and Missouri.
       Texas
       Austin
       Brownsville
       Corpus Christi
       Dallas
       McAllen
       El Paso
       Fort Worth
       Houston
       Laredo
       San Antonio

       Louisiana
       Alexandria Office
       Baton Rouge Office
       New Orleans Office
       Shreveport Office

It’s easy to determine if you’re eligible. You can expect a quick turnaround once the application is completed and all required documents are in hand. Check out your eligibility and how to apply for a loan. We’ll help you every step of the way – even with putting your business plan together.

See if you’re eligible

Check the following points we consider in your application for a loan:
Are you at least 21 years of age?
Do you live or work in the service area?*
Financial ability to repay
Your personal character
If you are a nonprofit, is your organization in the service area?

*ACCION Texas Inc. offers loans in the states of Alabama, Arkansas, Kentucky, Louisiana, Missouri, Mississippi, Tennessee and Texas.

We also look at the following criteria:

•   Commitment and motivation to improve your business
•   Commitment and motivation to improve your credit
•   Payment history with creditors, landlords, suppliers, etc.
•   Collateral
•   Bankruptcy history:
   - No Chapter 7 in last 2 years
   - No Chapter 13 in last year
•   Startups must have an alternate source of income.

You will not qualify if:
•   You have an active bankruptcy
•   You are involved in an adult entertainment or gaming business

STEP 1: Submitting your application

•   Fill out the application
•   Submit your application for review
•   Provide a copy of a valid ID
•    Later support documentation could include:
     - Tax returns
     - Bank statement
     - Paycheck stubs
     - Utility bill
     - Review of collateral

STEP 2: Decision on your loan

•   We review the application and reach a final decision
•   Loan is approved or denied
•   Approximate time for decision: two business days, assuming we have your
     documents and need no additional information

STEP 3: Loan closing

• Closing documents signed by all parties, and check given to you

For Nonprofits

Requirements:

Must be an existing, well established nonprofit organization. More than 3-5 years in operations with a formal board of directors and audited financials on an annual basis.
Revenue to repay the loan request
Non-profits Audited financial statements (Audited Accrual Profit & Loss and Balance Sheet) for the last 2-3 years.
Letters of pledged grants (from all funding sources)
Borrowing resolution from nonprofit's board of directors authorizing nonprofit to borrow
501 determination letter from the IRS
Articles of Incorporation
Complete List of Board of Directors – with names, addresses, and phone numbers.
Director(s) Name, address and Texas ID
4 Months Bank Statements (on all accounts)

            Collateral:

            Vehicles, property, land (no homestead), equipment, fixtures and furniture

            Individual Borrower: A requirement for a personal guarantor
            will be considered on a case by case basis.

            Commitment Fee: 3% to 8%

            Term: ·Based on Loan Size and capacity: 6 months to 120 months

            Payments: ·Based on Loan Size and capacity

Español

               It’s easy to determine
             if you’re eligible and it
             usually takes about 15
             days to get your loan.