Many small businesses have been hit hard by Hurricane Sandy. Food trucks got washed away, retail shops are reeling, many have still not re-opened, transportation companies have been hit hard, and many others have been forced out of business or have taken a serious body-blow from Sandy.
One company that is doing their part is Accion. Accion is a global nonprofit micro lender. Their stated vision is to build a financially inclusive world with access to economic opportunity for all.
They recently announced their Sandy Recovery Business Loan Program. It’s geared toward individuals who own businesses who have been hit and impacted by Hurricane Sandy. The loans range from $1,000 up to $25,000.
One great thing about Accion is that they are a non-bank micro-lender. That means they have much more flexible underwriting criteria than banks and they obviously don’t shy away from small loans.
Also, for the first 3 months you make no payments and pay 0% interest. After 3 months the loan locks in at 4.99% for up to 48 months. There are no prepayment penalties and the loan closing costs are a standard 3-5% with a $30 application fee that’s only paid if you’re approved.
The basic criteria are pretty simple:
- They want FICO scores of 525 and above.
- If you have any past due debts it must be less than $3000.
- You must show adequate cash-flow to support the loan payments.
- No bankruptcies in the last 12 months or foreclosures in the last 24 months.
- No late payments on your rent/mortgage in the last 12 months.
- At least 6 months of sales history.
- You must own fewer than 4 mortgaged properties.
This is pretty basic stuff but, as with any loan application, there is no guarantee that you’ll be approved. The hardest criteria may be that you need to be in an area impacted by Sandy.
This is very cheap money…get it now if you’ve been impacted by the hurricane. Accion is a great organization that is doing great things globally. Be part of that while you rebuild your life and business!
Hurricane Sandy, Brooklyn, New York Photo via Shutterstock