Entrepreneurs have tremendous power to drive inclusive economic growth in their communities. 92% of all U.S. businesses have less than five employees, and if each of these small businesses hired just one additional employee, the country would be at full employment. The growth in the number of overall small businesses in the U.S. has been driven by women, minority-owned, and especially minority women-owned businesses in recent years.
Yet, leveraging the power of small businesses to drive economic growth remains incredibly challenging. In fact, about 8,000 small business loans are declined each day in the U.S. That’s where mission-based lenders like Accion come in. We are a nationwide network of nonprofit lenders combining deep local knowledge with loans and unmatched personalized advising. Since 1991, Accion has lent over $500 million to more than 60,000 businesses and provided more than 500,000 entrepreneurs with advising services.
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