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Accion Opportunity Fund Community Development

Accion Opportunity Fund Community Development

San Jose, CA 95113
Tax ID31-1719434

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Amount

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About this organization

Revenue

$30,948,868

Expenses

$31,063,419

Website

aofund.org

Mission

Accion Opportunity Fund Community Development is the lending arm of Accion Opportunity Fund Inc. We are an unparalleled financial support system that provides small business owners in the US with access to capital, networks, and coaching. Together, we fight for an inclusive and accessible financial system so small business owners of all identities can thrive.

About

Small business lending program - The organization makes loans to small businesses that lack access to affordable credit from traditional sources. Since inception, the organization has made over 13,800 loans totaling $322 million to small businesses whose owners are primarily people of color and low and moderate income. The organization offers loans outside of California in thirty-five additional states and intends to expand this footprint in the future. Virtually all loans to California based borrowers are enrolled in a loan loss reserve funded by the state of California as part of its capital access program. The organization sells participations in its loan portfolio to a few institutions. The purpose of these sales is to manage credit concentration in the organization's portfolio and to raise additional capital as it grows. Loans are sold at a premium over face value and the organization retains the servicing of the loans, for which it charges a monthly fee.

Interesting data from their 2020 990 filing

According to the filing documents, the non-profit's mission is defined as “Opportunity fund mission is to drive economic mobility by delivering affordable capital and responsible financial solutions to determined entrepreneurs and communities.”.

When referring to its tasks, they were referred to as: “Opportunity fund mission is to drive economic mobility (see schedule o for continuation) by delivering affordable capital and responsible financial solutions to determined entrepreneurs and communities.”.

  • The non-profit's state of operation has been legally reported as CA.
  • According to the latest filing, the non-profit's address in 2020 is 111 WEST ST JOHN STREET NO 800, SAN JOSE, CA, 95113.
  • The total number of employees reported by the non-profit on their form for 2020 is 148.
  • Is not a private foundation.
  • Expenses are greater than $1,000,000.
  • Revenue is greater than $1,000,000.
  • Revenue less expenses is -$114,551.
  • The organization has 12 independent voting members.
  • The organization was formed in 1993.
  • The organization pays $13,810,745 in salary, compensation, and benefits to its employees.
  • The organization pays $2,276,709 in fundraising expenses.

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