Accion is continuing to help small businesses during pandemic
Accion is continuing to be a resource for small businesses in the San Diego region. One way is they provide help through their business resource center to break down current funding. In addition, they are issuing loans as part of their COVID-19 Relief & Recovery Loan Program.
Michel Jaime Valle owns Alchemy Customs and Restorations which is a motorcycle restoration and customization shop that specializes in giving old bikes a new life. He came to Accion to receive funding to keep the business running amid the pandemic. Valle has seen a major drop in clients and new projects and needed funds to help the business to continue. He is using the funds to cover business expenses like rent and utilities.
Valle’s loan is part of Accion’s COVID-19 Relief & Recovery Loan Program for Racially & Ethnically Diverse Entrepreneurs. The initiative launched in December and was funded by a $2 million grant from Wells Fargo’s Open for Business Fund program. It is an approximately $400 million small business recovery effort across the U.S. to help entrepreneurs hardest hit by COVID-19 recover and rebuild. The fund is aimed at providing loans to small businesses that have been negatively impacted by the pandemic in San Diego County.
Accion’s relief and recovery loans range in size between $5,500 and $35,000 with a 2.99% interest rate. Loan terms are flexible for up to 60 months and offer small business clients an initial 6-month payment deferral to preserve their cash flow and limit payment burden.