American Express and Accion Opportunity Fund partner to fuel small business growth

By Pavithra R

American Express has announced partnering with Accion Opportunity Fund, a leading nonprofit Community Development Financial Institution (CDFI) small business lender and launched a new program to provide loans and other resources to underfunded small business owners in the U.S.

The program aims to accelerate small business growth, with the goal of building a more equitable financial system. American Express will also provide $40 mn to Accion Opportunity Fund to help enable an expanded loan program.

“Investing responsibly in the nation’s small businesses is essential to building a more equitable society. This program combines access to capital and expert advising to support small businesses that are in a strong position to rebuild and grow in 2021 and beyond. We’re looking to lift up those who have been overlooked and underfunded for far too long. Together with American Express we’re working to accelerate progress towards an inclusive financial system,” said Luz Urrutia, CEO, Accion Opportunity Fund.

Accion Opportunity Fund provides small businesses across the U.S. with access to capital through its lending arm Opportunity Fund, and coaching, with a focus on serving businesses run by people of color, immigrants and women.

“Our partnership with Accion Opportunity Fund expands on our progress toward providing financial support and education to at least 250,000 Black-owned small and mid-sized businesses by the end of 2024. We are excited to partner with Accion Opportunity Fund to advance our shared, longstanding commitment to support underfunded communities, enhance financial inclusion and reach as many small businesses as possible that need access to capital,” said Jessica Ling, Vice President, Global B2B Marketing Strategy, Engagement & Enablement at American Express.