FOR IMMEDIATE RELEASE:
August 3, 2005
For more information contact:

Hannah Caldwell, ACCION USA
Phone: (617) 616-1516

Tom Lacock, Wyoming Business Council
Office: 307.777.2834

Accion USA works with Wyoming Business Council to increase small business lending

CHEYENNE – ACCION USA, a private, nonprofit organization that provides financial services to low- and moderate-income entrepreneurs, today announced the availability of loans of up to $25,000 to Wyoming-based entrepreneurs in need of business financing.

ACCION USA has lending operations in Florida, Georgia and Massachusetts, which, together with its licensees in Texas, California, New York, New Mexico and Illinois, form the ACCION USA Network. The Network operates in over 35 cities and towns across the U.S. and, since inception, has disbursed more than $100 million in loans to over 10,000 entrepreneurs.

“We are pleased to have this opportunity to serve clients in Wyoming for the first time,” says Bill Burrus, President and CEO of ACCION USA. “Together with the Business Council and other service groups in Wyoming, we will help Wyoming families build brighter futures.”

“The Wyoming Women’s Business Center and Wind River Development have been providing micro-loans in Wyoming, and now ACCION will add their resources to this important segment of business development,“ said Gov. Dave Freudenthal. “We are striving to provide as many tools as possible to current and aspiring entrepreneurs in the state. They form an important part of our economy and a vital engine for the growth of high-paying jobs.”

Self-employment is a viable option for many individuals who dream of entering the economic mainstream yet find themselves on the outside. “Small business owners across the state often face difficult barriers to accessing traditional business financing—no credit history, damaged credit or the need for a loan that is too small for a bank to make. Micro-lending from organizations like ACCION USA will help fill this need, “stated Tucker Fagan, CEO of the Wyoming Business Council. “With the arrival of ACCION USA in Wyoming, we have another option to offer entrepreneurs so they can build or grow their businesses, better provide for their families, and strengthen their communities.”

Loan applications will be processed virtually via ACCION USA’s new Internet loan application platform, available at www.accionusa.org after August 15, 2005. This program uses no public funds from the State of Wyoming, nor does the processing of its applications rely on government employees. ACCION’s lending capital primarily emanates from philanthropic donors. Some of its corporate sponsors include commercial banks who seek to improve the number and activity of entrepreneurs who will become the next generation of banking customers.

Information and assistance for business plan development is available from the field representatives of the Wyoming Small Business Development Center and Wyoming Business Council.

ACCION USA (www.accionusa.org) is a private, nonprofit organization that provides loans and other financial services to low- and moderate-income entrepreneurs who are unable to access bank credit for their businesses. With economic opportunity, these entrepreneurs, primarily minorities and women, can build assets, better provide for their families and strengthen their communities. Since its inception, ACCION USA has disbursed $10.8 million in loans ranging from $500 to $25,000 to entrepreneurs in New England, Atlanta and Miami. ACCION USA: Lending. Supporting. Inspiring.

The mission of the Wyoming Business Council is to facilitate the economic growth of Wyoming. For more information, please visit the Web site at www.wyomingbusiness.org.

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