OFN member Opportunity Fund and the Accion U.S. Network, the U.S. affiliate of global nonprofit Accion, have joined efforts to form the Accion Opportunity Fund. Leveraging the strengths of both organizations, Accion Opportunity Fund will spearhead the development of a national microlending strategy to meet the credit needs of small businesses–developing new products, establishing new partnerships, promoting research and financial education, and leveraging digital technologies and data analytics to support mission-driven lending.
“Small businesses are the driving force behind America’s economy and around the world, but too often lack the capital and support they need to grow and succeed. For decades, Accion has worked alongside entrepreneurs, business leaders, lenders, and policymakers in the United States to address this need,” said Michael Schlein, president and CEO of Accion. “We are confident that combining our operations in the U.S. with Opportunity Fund is the right next step to scale these efforts and help more American entrepreneurs build a better future.”
“Collaboration and partnership are key ingredients to better serving our customers,” said Luz Urrutia, CEO of Opportunity Fund and the newly-formed Accion Opportunity Fund. “This is the first national effort that can transform the small business lending and advising sectors and, with it, the lives of families running small businesses across the country. We are thrilled that building the future of American small business credit and advising services brings our two organizations together.”
Read the full press release.