Micro Loans For Self-Employed Detroit Business Owners Now Available

DETROIT ? Self-employed business owners in the Detroit area that can’t qualify for traditional bank loans, and don’t want to max out their credit cards, are now eligible for micro loans from $500 to $25,000 through a new partnership announced Tuesday.

ACCION USA, a private, nonprofit organization that provides financial services to small business owners who cannot access traditional business financing, has begun actively lending in Detroit in partnership with Detroit Entrepreneur Institute, Michigan Small Business and Technology Development Center, and the Mexicantown Community Development Corporation.

Eligible borrowers range from operators of part-time, home-based enterprises to owners of hair salons, fruit stands, neighborhood restaurants and corner markets – 82 percent of which do not have access to capital. Often from low-income households, they lack the necessary collateral and credit history or face language barriers when trying to borrow from a traditional lending institution.

In order to bring these financing services to locations without an

ACCION USA office, ACCION recently launched an online loan application and

is building new partnerships with local business training organizations,

among them the Detroit Entrepreneur Institute. In recent months, ACCION has

already funded businesses located in diverse parts of Michigan-an IT

consulting firm, a computer repair business, and natural product retailer

among them.

“Thanks to our new online loan application and our partnership model,

we’re able to give even more small business owners around the country

access to our services,” said Bill Burrus, president and CEO of ACCION USA.

“Partnerships with strong training organizations like DEI help provide the

local, hands-on assistance that a business owner needs throughout the