Small businesses across the U.S. are struggling to find the necessary funding to operate and succeed in today’s economic climate. When it comes to minority and women owned businesses, funding opportunities are scarce. Banks are hesitant to take risks on these owners which result in alternative lenders gaining access to multiple organizations.
Several community development financial institutions (CDFIs) are lending a helping hand, working to help small business owners secure responsible and non-predatory loans. Some of the CDFIs who have been helpful include New Mexico based Accion, which “…has created a new product to address predatory merchant cash advance loans and Carolina Small Business Development Fund, in Raleigh, North Carolina, has transformed its business model to effectively reach women and entrepreneurs of color.”
This type of commitment has lead Acciorn and three other CDFIs, to be recognized with the 2016 Small Business Leader Award for Mission-Driven Lenders. Acciorn ,won ”for growing its small business lending reach and developing innovative approaches to serving low-income communities and communities of color.“