Pulls From: N/A

Reports to: Business Credit Agencies

Website: http://www.accionnm.org

About: Accion is a nonprofit, community organization dedicated solely to helping small business owners succeed and communities thrive. As the largest and only nationwide nonprofit micro- and small business lending network in the U.S., Accion connects small business owners with the funding needed to grow healthy businesses.

Here's what you need to know about their loan requirements

If you're interested in applying for an Accion loan, be sure to read the list below. It can help you determine if Accion is a good fit for you.

To qualify for an Accion loan, you'll need to meet the following criteria:

• Minimum credit score of 575
• Cash flow from the business to repay the loan
• Be no more than 30 days late on any bills, loans, credit cards, or any other payment. If you are late, the total late balance must be under $3,000 (and it's preferable that any debt you do have is attributed to emergency circumstances such as layoff or illness).
• Not have any mortgage-rate adjustments due during the term of the loan.
• Not have declared bankruptcy in the past 12 months.
• Not have had any late rent or mortgage payments in the past 12 months.
• Not have gone through foreclosure in the past 24 months.

Here are a few additional requirements for businesses that have less than six months of sales:

• Your business must be located at home or in an incubator.
• You must have less than $500 in past-due debt.
• You must present your two most recent paystubs.
• You should have a business plan with a 12-month cash-flow projection.