Article Archives: New Mexico
ACCION New Mexico: Reaching Entrepreneurs
ACCION uses a "stepped lending" model that enables entrepreneurs to obtain small initial loans. After establishing a repayment history, they may apply for larger loans. More than $21 million in loans has created or sustained more than 3,500 jobs. The organization has a 94 percent repayment rate. ACCION achieved those statistics with the support of a network of banks and nonprofit partners throughout New Mexico.
ACCION uses referrals from previous customers, informational sessions, a phone application process, and mobile loan fairs to contact prospective clients. Almost 65 percent of the loans are made to low- and moderate-income clients. Of the client base, 57 percent of the clients are minorities, and 50 percent are women. ACCION operates under the leadership of a 29-member volunteer board and a permanent staff of 20. Most of the organization's funding comes from private sources.
For more information, e-mail Anne Haines Yatskowitz, President and CEO.
[Community Developments Investments, Fall 2008]