"Our intention is to look at underfunded small businesses that are really looking to get stronger, to reopen, to stabilize and grow in 2021 and beyond," Luz Urrutia, CEO of the Accion Opportunity Fund, told CNBC. "[Businesses] we know are trying to invest, buy inventory, perhaps pivot and they need reasonable terms and credit to get back on their feet."
To qualify for the loans with 12 to 60 month terms, an applicant must be in business for 12 months, have proof of $50,000 in revenue per year and own at least 20% of the business. Applicants with low FICO credit scores will be considered, but their credit rating will be a factor in determining the loan's interest rate, which can range from 5.99% to 25.99%.