Portfolio Partner Profile
Accion Opportunity Fund
Accion Opportunity Fund (AOF), the nation’s leading nonprofit small business lender, works to create an inclusive, healthy financial system that supports the nation’s small business owners by connecting entrepreneurs to affordable capital, educational resources, coaching, and networks. Through innovative partnerships and outreach strategies, they reach entrepreneurs of color, underfunded entrepreneurs, and women, who often lack access to the financial services they need to build and grow their businesses. For over 25 years, AOF has served a client base that is nearly 90% women, people of color, or immigrants. Their clients’ businesses have historically had a 96% survival rate, compared to the national small business survival rate of 50%. AOF’s work has supported or created more than 50,000 jobs and generated $1 billion in economic activity.
In 2020, Accion Opportunity Fund was formed as Accion U.S. Network and Opportunity Fund came together. Together, they fight for an inclusive and accessible financial system so small business owners of all identities can thrive. While this loan is our first loan to the Accion Opportunity Fund, we have made loans to both Accion USA and Opportunity Fund since 1996.
Featured Impact Story
Lia Hirtz, owner of World Empanadas
A first-time entrepreneur at 55 years young, Lia wanted to share an Argentinian tradition with Southern California. Her goal was to provide customers with the best empanadas in town! Even throughout COVID-19, her family-owned small business found a way to continue to share sweet and savory versions of this amazing dish.
Lia was facing more than just a freezer dilemma. Her business was also tied up in aggressive merchant cash advance loans that helped finance their move into their new space and other improvements like installing a hood for the stove. She had some capital thanks to personal loans from friends and family, but World Empanadas needed help to get the freezer unit that could make their business really take off.
Lia’s loan officer, Robert, offered Lia a $15,000 Accion Opportunity Fund loan, which helped World Empanadas purchase the walk-in freezer unit. “I couldn't believe it,” Lia said. “Within a few weeks Robert called me and told me I could pick up our check. It was just like that.”