Overview
What is Accion Opportunity Fund Community Development?
Accion Opportunity Fund Community Development is a nonprofit organization based in San Jose, California, that focuses on delivering affordable capital and responsible financial solutions to underserved entrepreneurs and communities, with a particular emphasis on low-income individuals, people of color, and women. Their small business lending program makes loans to businesses that struggle to access credit from traditional sources, with over 24,500 loans totaling $738 million disbursed since inception. Many of these loans, especially those to California-based borrowers, are backed by the State of California as part of its Capital Access Program. In response to the COVID-19 pandemic, Accion began offering lower cost loans and participating in public-private partnerships. The organization was approved as a Paycheck Protection Program lender in April 2020 and sells participations in its loan portfolio to institutions to manage credit risk and generate liquidity for additional loan growth.
Official website here: www.aofund.org
Is Accion Opportunity Fund Community Development legitimate?
Accion Opportunity Fund Community Development is a legitimate nonprofit organization registered as a 501(c)(3) entity. Accion Opportunity Fund Community Development submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $2,052,162
Professional Fundraising Fees: $0
Other Salaries and Wages: $12,472,313
For more financial information, click here
Official website here: www.aofund.org
What is the mission statement of Accion Opportunity Fund Community Development?
Accion Opportunity Fund Community Development is dedicated to providing affordable capital and responsible financial solutions to underserved entrepreneurs and communities, with a particular focus on low-income individuals, people of color, and women. The organization's mission is to bridge the gap in access to credit for these groups through its small business lending program. Since its inception, it has made over 24,500 loans totaling $738 million to small businesses whose owners are primarily people of color and/or low to moderate income. In response to the COVID-19 pandemic, the organization began offering lower cost loans with interest rates from 4-4.25% to borrowers severely impacted by the crisis. It also participates in public-private partnerships offering low-rate loan programs, backed by a loan loss reserve program administered by a government program and sold to a special purpose credit vehicle. In April 2020, the organization was approved as a Paycheck Protection Program (PPP) lender by the U.S. Small Business Administration. The organization generates liquidity and manages credit concentration in its portfolio by selling participations in its loan portfolio to a few institutions, retaining the servicing of the loans for a monthly fee.
Official website here: www.aofund.org
Who is the CEO of Accion Opportunity Fund Community Development?
Eric Trux is the Chief Executive Officer of Accion Opportunity Fund Community Development. The CEO's salary of Accion Opportunity Fund Community Development is $373,205 and their total compensation is $394,697.
Official website here: www.aofund.org
What is the revenue of Accion Opportunity Fund Community Development?
Accion Opportunity Fund Community Development's revenue in 2022 was $58,948,332.
Official website here: www.aofund.org
Who are the executives of Accion Opportunity Fund Community Development and what are their salaries?
The average compensation at Accion Opportunity Fund Community Development during 2022 was $91,349. There are 159 employees and 24 volunteers at Accion Opportunity Fund Community Development.
Here are 36 key members and their salaries (Accion Opportunity Fund Community Development's CEO's salary is $373,205 and their total compensation is $394,697):
- Luz Lopez Urrutia (Chief Executive Officer) [Trustee/Director]
- Rolland Jurgens (Evp & Chief Finanical Officer)
- Michael Rapaport (President, Chief Operationg Officer)
- Gina Harman (Chief Administrative Officer)
- Kevin Gabel (Vp, Product)
- Luis Rodriguez (Chief Operations & Servicing Officer)
- James Xu (Sr. Director, Analytics & Business Intelligence)
- Adriana Eiriz (Vp, Sales & Partnership)
- Laura Kvalheim (Vp, Engineering & Project Management Office)
- Nicole Van Der Tuin (Chief Analytics Officer)
- Christopher Pilkerton (Chief Legal & Regulatory Strategy Officer)
- S Jamila Buckner (Chief People Officer)
- Mike Torres (Chief Finanical Officer)
- Greg Avis (Board Chair) [Trustee/Director]
- Jim Koshland (Vice Chair & Secretary) [Trustee/Director]
- Mickey Konson (Asst. Secretary) [Trustee/Director]
- Esteban Altschul (Director)
- Todd Baker (Director)
- Swati Bhatia (Director)
- Phil Black (Director)
- Dickson Chu (Director)
- Caretha Coleman (Director)
- Solana Cozzo (Director)
- Joni Cropper (Director)
- Debra Engel (Director)
- Madeleine Fackler (Director)
- Brian Graham (Director)
- Parker Hudnut (Director)
- Yun-Fang Juan (Director)
- Lata Krishnan (Director)
- Juanita Lott (Director)
- Nathalie Molina Nino (Director)
- Elizabeth Ross-Ronch (Director)
- Michael Schlein (Director)
- Diana Taylor (Director)
- Eric Weaver (Director)
Official website here: www.aofund.org
Where can I find the form 990 for Accion Opportunity Fund Community Development?
The Accion Opportunity Fund Community Development’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.aofund.org
Learn more at the official website: www.aofund.org
Mission Statement of Accion Opportunity Fund Community Development
Accion Opportunity Fund Community Development, a leading nonprofit organization, is dedicated to delivering affordable capital and responsible financial solutions to underserved entrepreneurs and communities. With a special focus on low-income individuals, people of color, and women, the mission of this organization is to bridge the gap in access to affordable credit from traditional sources.
The organization's small business lending program has been instrumental in providing loans to small businesses that often lack the financial backing they need to thrive. Since its inception, Accion Opportunity Fund Community Development has made over 24,500 loans totaling $738 million to small business owners who are primarily people of color and/or low to moderate income. In response to the challenges brought on by the COVID-19 pandemic, the organization began offering lower cost loans to borrowers severely impacted by the crisis, as well as participating in public-private partnerships offering low-rate loan programs.
Accion Opportunity Fund Community Development's commitment to supporting underserved communities extends beyond its lending program. The organization was approved as a Paycheck Protection Program (PPP) lender by the U.S. Small Business Administration in April 2020, offering small businesses a lifeline during the pandemic with loans ranging from small to large based on their payroll size, a 1% fixed interest rate, and the potential for full forgiveness if the funds are used for eligible purposes. Additionally, the organization sells participations in its loan portfolio to a few institutions, managing credit concentration in its portfolio and generating liquidity for further loan growth. Accion Opportunity Fund Community Development retains the servicing of the loans and charges a monthly fee for its services.
Impact
This information is meant to be a general summary of Accion Opportunity Fund Community Development. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Accion Opportunity Fund Community Development has a significant impact on underserved entrepreneurs and communities, particularly low-income individuals, people of color, and women. Since its inception, the organization has provided over 24,500 loans totaling $738 million to small businesses that lack access to affordable credit from traditional sources. This assistance not only facilitates the growth and sustainability of these businesses but also contributes to economic empowerment and financial inclusion within marginalized communities. Additionally, the organization's initiatives, such as offering lower-cost loans in response to COVID-19 and participating in public-private partnerships, demonstrate a commitment to addressing emerging challenges and supporting those severely impacted by economic disruptions. Overall, Accion Opportunity Fund Community Development plays a crucial role in fostering economic development, promoting entrepreneurship, and advancing equity in society.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST FROM LOAN PRO
Revenue
$16,029,650
LOAN ORIGINATION AND M
Revenue
$5,519,354
OTHER
Revenue
$1,966,718
SYNDICATION FEES
Revenue
$1,420,000
ADMINISTRATIVE FEES
Revenue
$974,625
Organization Details
Founding Year
1993
Phone
(408) 297-0204
Principal Officer
Eric Trux
Main Address
111 WEST ST JOHN STREET 800, SAN JOSE, CA, 95113
Website
www.aofund.org
NTEE Category
Code: S31 - Community improvement
If you are a representative of Accion Opportunity Fund Community Development and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.