San Jose, California, April 01, 2025– In this pivotal role, Elizabeth will lead the organization’s integrated marketing, product line strategy, and communications to continue advancing AOF’s mission of creating economic opportunity for underserved small businesses across the nation.

Elizabeth brings more than two decades of experience driving growth and innovation at the intersection of product, marketing, and financial services. Most recently, she served as Vice President and General Manager of Global Business Financing & B2B Payments at American Express, where she led international expansion efforts and launched innovative commercial lending solutions in partnership with leading FinTech’s. Earlier in her career, Elizabeth played a key role in establishing and scaling AmEx’s small business division, OPEN, which became a cornerstone of the company’s work serving businesses around the world.

A collaborative leader with a deep passion for small businesses, Elizabeth’s career is marked by her dedication to empowering entrepreneurship and people. In addition to her work at AOF, Elizabeth serves as Executive in Residence at Georgetown University, where she is a Founding Advisor for the Small Business Corps and Chair of the McDonough Alumni Advisory Council. For many years she also played a leadership role as a member of the AmEx Executive WIN SteerCo.

AOF has a bold vision to be the first mission-driven lender to provide responsible lending, creating impact at scale, and achieving financial self-sufficiency.

“We are thrilled to welcome Elizabeth to the AOF team,” said Luz Urrutia, CEO of Accion Opportunity Fund. “Her expertise in financial services, marketing and product innovation, combined with her passion for supporting small businesses, makes her the ideal leader to help us take our business and mission impact to new heights.”

For more information about Accion Opportunity Fund or to be part of transforming the capital landscape for underfunded small business owners, please visit aofund.org.

About Accion Opportunity Fund
Accion Opportunity Fund (AOF) is committed to advancing economic mobility for underserved small businesses and low-income communities through affordable capital, knowledge resources, networks, and policy.

Media Contact
media@aofund.org

In conjunction with Accion’s Center for Financial Inclusion, Accion Opportunity Fund (AOF) is pleased to publish Global Perspectives: A Comparative Study of Small Business Financing in Ghana, Kenya, and Black Entrepreneurship in the United States with the organization’s inaugural HBCU Research Fellow, Jaquetta Graham, PhD, leading the research.  Under the mentorship of AOF’s Vice President of Research and Policy, Dr. Joshua L. Miller, Dr. Graham adds to a growing body of research calling attention to the ways in which the United States can look to African nations to better serve its Black entrepreneurs and expand access to capital. At the forefront of financial and mobile technology, Ghana and Kenya serve as prime examples to study.  Dr. Graham and Dr. Miller sought to answer questions regarding capital access challenges faced by Ghanaian and Kenyan entrepreneurs, the impact of alternative and digital financing products, and potential comparison and application to the experiences of Black entrepreneurs in the United States. Key Findings 

• Formal financing, or financing from banks and traditional lenders, remains out of reach for many Ghanaian and Kenyan entrepreneurs with half or more entrepreneurs in the study refraining from applying for traditional financing options. Focus group participants reported being denied capital due to insufficient revenue or collateral, offered unfavorable repayment terms, or rejected due to inadequate documentation.
• Women entrepreneurs in Ghana and Kenya, who already struggle with higher rates of rejection due to owning smaller businesses in more competitive, low-margin industries than men, reported additional obstacles in balancing their home and business obligations and accessing mentors who could adapt to their schedules. 
• The plethora of alternative financing options in Ghana and Kenya, like mobile financing, factoring or merchant cash advance (MCA) products, and informal savings groups, helps to alleviate the lack of access to traditional financing. However, these options are associated with risks like obscure fees and terms, high cost of repayment, or theft. 
• Likewise, Black entrepreneurs in the United States face difficulties in accessing capital. Only 14% of Black-owned small businesses receive the entirety of the funding they requested, according to the Federal Reserve. Black female entrepreneurs in the United States also struggle with accessing mentors who could relate to their own struggles. 

Given these similarities, there is much to glean from the experiences of Ghanaian and Kenyan entrepreneurs that can be applied in the United States. As capital access remains the biggest obstacle for Black entrepreneurs in starting and growing their businesses, AOF offers the following recommendations for American policymakers, service providers, and other relevant stakeholders.  Recommendations 

• While speed and innovation are key to expanding access to capital—particularly among mobile apps and services—new products and technologies must be fair and transparent in their terms and pricing. Policymakers and regulators should encourage the private sector to innovate new products while also requiring and enforce transparent lending standards.  
• There is a demonstrated need for women-centered products and services that reflect the specific credit and mentorship needs of female entrepreneurs in the United States. Solutions like informal savings groups, pitch competitions, and greater access to female mentorship should be fostered in the United States.
• Global Perspectives – A Comparative Study of Small Biz Financing (final)Establishing more public-private partnerships is a viable means of easing loan criteria and extending additional credit to Black entrepreneurs. For example, the already-existing State Small Business Credit Initiative provides federal dollars for use in state-led loan backstop programs. Programs like this allow lenders to take on more risk without directly involving the government or jeopardizing their portfolios.  

The full report can be viewed here 

February 4th, 2025

– Accion Opportunity Fund (AOF), a leading nonprofit dedicated to advancing small business economic mobility, in partnership with the Mastercard Center for Inclusive Growth, has launched a new financial learning platform created specifically for small business. The platform, called Learn with AOF, targets improved small business financial stability with an eye toward helping the business build credit and capital readiness.

AOF has announced their vision to lend $750 million in new capital to underinvested businesses over the next five years, and Learn with AOF is critical to ensuring widespread access to these loans. Access to responsible and affordable small business capital is more important than ever, as crises from COVID to the L.A. wildfires threaten small business livelihoods.

“Our North Star is to become the first scalable, financially sustainable mission-driven lender for underserved small businesses in the U.S.,” says Luz Urrutia, CEO of Accion Opportunity Fund. “We must drastically scale our lending operation without giving up the personalized support we offer small business owners throughout their journeys. We created Learn with AOF by listening to small business owners who told us access to capital is a lifeline for their business, but existing online financial learning fell short of helping to strengthen their loan applications and build the financial knowledge they need for long-term success. Finding answers to specific financial challenges online was difficult and overwhelming.”

Access to capital has long proven to have far-reaching impacts for small businesses. For every $1 invested in a small business, more than $2 is generated annually in new wages, spending and taxes, and every loan AOF makes helps a business support at least two jobs. That said, expensive, often predatory alternatives can wreak havoc on the business’s finances and longevity. Each year, an estimated 79% of small businesses cannot access the capital they need to grow – representing a $100 billion gap in small business financing. These businesses need support to access the right capital for their goals and avoid predatory products.

Learn with AOF helps under-resourced small business owners access capital by helping them gain greater control over their finances. “Economic opportunity is about more than access to capital,” says Sandy Fernandez, Vice President of Social Impact at the Center for Inclusive Growth and Head of the Mastercard Strive USA program, which is supporting the Learn with AOF initiative. “It’s also about giving underinvested small business owners access to financial knowledge, tools, and strategy needed to establish solid financial footing, plan long-term, and access responsible and affordable financial products. We are proud to partner with AOF to bring this innovative learning platform to small business owners and be a part of their bold vision to scale their lending operation over the next five years.”

Learn with AOF is the only digital financial learning platform with content created by small business owners who know what it takes to overcome the toughest financial hurdles. Informed by AOF’s 30+ years of experience unlocking new opportunities for millions of business owners, the platform is free, flexible, and relevant to business owners at any stage. It simplifies “small business finance” into focused topics that can be learned anywhere and takes the guesswork out of where to start by placing users on customized learning paths based on their specific financial needs. As users advance through topics, they unlock free tools and templates that make it easy to put learning into practice right away.

With the launch of Learn with AOF, Accion Opportunity Fund and Mastercard Strive USA are adding momentum to the larger movement to scale and strengthen mission-driven lending nationwide. Visit aofund.org/learning/ to join the Learn with AOF community of learners and follow AOF on LinkedIn for our latest updates.

About Accion Opportunity Fund

Accion Opportunity Fund (AOF) works to advance economic mobility for underserved small businesses through affordable capital, knowledge resources, networks, and policy.

About the Mastercard Center for Inclusive Growth

The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages the company’s core assets and competencies, including data insights, expertise, and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs, and empower a community of thinkers, leaders, and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on LinkedIn, Instagram and subscribe to its newsletter.

Contact: Meredith Medlin Dooley, VP of Partnerships & Programs, AOF

• mdooley@aofund.org
• 615.584.3409

FOR IMMEDIATE RELEASEMedia Contact: media@aofund.org January 22, 2025 The fund aims to raise $100 million in philanthropic donations and debt capital to provide urgent financial relief and recovery resources for small businesses impacted by the fires. “Our hearts ache for the families and businesses affected by this tragedy,” said Luz Urrutia, CEO of Accion Opportunity Fund. “These small business owners provide critical services to our communities, and many are now facing uncertain futures. We are committed to helping them in their recovery and rebuilding efforts.”  Supporting Small Businesses with Critical Resources AOF has long been a cornerstone of support for small businesses in and around Los Angeles, having invested over $174 million in more than 7,400 loans. Currently, AOF serves over 500 small business loan customers in Los Angeles County, many of whom are people of color (80%) and low-income (64%). These businesses provide essential services such as transportation, mobile food trucks, restaurants, childcare, beauty salons, and auto repair. Fund Details and Areas of Focus The Rebuild Southern California Small Business Relief Fund will focus on the following key areas: 

• Loan payment relief for AOF borrowers, on a case by case and month by month basis, such as: skip a payment, payment deferment, or payment forgiveness, freeing up needed cash for other essential business and household uses. AOF will need philanthropy to absorb anticipated increased losses, ensuring we can help our borrowers. 
• Small business grants for businesses that were destroyed, lost all their revenues, and do not qualify for a loan.   
• New loans at preferential rates and terms for businesses that need additional cash to survive. The type of loan provided will depend on the circumstances of each business. To reach new customers with capital, AOF will seek to expand partnerships in Southern California to collaborate with others in the small business support ecosystem.  
• Educational resources and technical assistance including business advising to help small business owners overcome the challenges they face as they navigate the road ahead. 

Call for Support  AOF is seeding the fund with a minimum of $500,000 in existing philanthropic resources but needs the support of investors and donors to reach its $100 million goal in philanthropy and debt capital. Every dollar donated will help AOF extend $5 in loan capital to small business owners, providing a significant impact for businesses and the communities they serve.  “We cannot rebuild Southern California’s small business ecosystem without the help of a larger community of investors, donors, and partners,” said Luz Urrutia. “This is a collective effort, and with your help, we will ensure that these businesses have the resources they need to rebuild and thrive.”   To make a donation or learn more about how you can contribute, please visit or contact ofgiving@aofund.org. 

FOR IMMEDIATE RELEASEMedia Contact:

media@aofund.org

SAN JOSE, Calif., Dec. 19, 2024 – Accion Opportunity Fund (AOF) announced the addition of Gopi Billa, Principal at Deloitte Consulting LLP, and Karthik Venkataraman, Chief Operating Officer at Accion, to its Board of Directors. AOF is a leading non-profit CDFI committed to advancing economic mobility for underinvested small businesses and communities through affordable financial services, knowledge resources, networks, and policy.

As a new member of AOF’s board, Gopi will bring decades of experience in strategy development, scenario planning, and organizational and operational transformation. Gopi leads Financial Services Strategy and Market Sensing for Deloitte Consulting in the US. Prior to this role, Gopi assumed several leadership positions across Deloitte and Monitor Deloitte, including leading Consulting Services for Deloitte India, heading Monitor Deloitte in India, leading Monitor’s Commercial Leadership team in the Middle East, and heading Monitor’s Scenario Planning practice in Europe, the Middle East, and Africa. Gopi has worked with multinational corporations, governments, and non-profit organizations across more than 30 countries on strategic, organizational, and transformational issues.

As a new member of AOF’s board, Karthik will bring extensive experience in economic development, social impact, and strategy development. He serves as Chief Operating Officer at Accion, a nonprofit organization on a mission to create a fair and inclusive economy. Prior, Karthik worked as a Partner at Bain & Company in Bain’s Social Impact practice. With nearly twenty years of consulting experience globally, Karthik has lived and worked across Asia, Europe, and the Middle East. He previously led Bain’s Travel & Leisure Practice and has worked on numerous large-scale global transformation efforts across financial services, retail, higher education and other industries and sectors. He also has experience providing portfolio support to investors through Bain’s Private Equity practice and deep expertise in organizational leadership and DE&I. Karthik also held many people-related roles within Bain, including leading Bain’s DE&I transformation; working as a leader in the firm’s Asian-American affinity group; and serving as HR Partner for the firm’s Washington office. Prior to Bain, Karthik worked in technology and HR consulting.

“We are honored to welcome Gopi and Karthik to our board,” said Luz Urrutia, CEO and President of AOF. “Their backgrounds and extensive experience will play a pivotal role in advancing AOF’s ambitious five-year plan to serve more than 65,000 small business owners with $750M in loan capital and educational business resources.”

As AOF looks to the future, the addition of these two prominent industry leaders to the board aligns with AOF’s ambition to become the first scalable and financially sustainable mission-driven lender for underinvested small businesses.

For more information about AOF or to be part of transforming the capital landscape for underfunded small business owners, please visit aofund.org.

Small businesses are responsible for millions of jobs and trillions of dollars of GDP¹. Yet, millions of businesses in the U.S. have been shut out from accessing mainstream financial institutions, especially businesses owned by people of color and low- to moderate-income proprietors. Therefore, nearly 80% of small business owners voice concerns about accessing capital².

Economic potential is everywhere. Responsible capital is not.

Small businesses in the U.S. are growing at an unprecedented rate. Over the past two years, small business owners have launched a groundbreaking 14.6 million new businesses—boosting economic growth nationwide.

Women, people of color, and low-income communities continue to be underinvested in relative to their economic potential.

Lack of access to capital keeps small business owners up at night and gets our team up every morning to provide them essential funding and resources.

Driving change like no other.

Accion Opportunity Fund (AOF) is the trifecta. We are the leading responsible, sustainable, and scalable non-profit fueling small businesses with the financial and personalized resources they need.

 

 

How do we do it?

• An extraordinary list of ingredients in the mix: Proprietary digital learning, loan capital, grants, accelerator programs, events, networking, and one-on-one coaching.
• A world-class constellation of partners with top notch expertise.
• Our digital platform and advanced analytics allow us to meet each small business owner “literally” where they are—on their devices, across time zones, in multiple languages. We strive to get entrepreneurs what they need, whether it’s a loan (median time to apply: 12 minutes), to “reach a human” on the phone in Spanish, a one-on-one coaching session, or live chat as they’re closing shop to get home to their families.
• As a Community Development Financial Institution (CDFI) certified by the U.S. Treasury, we leverage federal and state programs to borrow capital at scale from banks, corporations, foundations, philanthropists, and impact investors. This capital allows us to
  lend responsibly and reinvest in our platform as borrowers pay us back.
• Our evergreen outcome management and learning program assumes we can always do better, measure more, and learn faster.

 

AOF’s North Star: Become the first scalable, financially sustainable, mission-driven nonprofit lender for underinvested small businesses in the U.S.

Contact Verónica Figoli, Chief Development Officer, with questions or to support
1 U.S. Chamber of Commerce, Small Business Data Center, May 2024. https://www.uschamber.com/small-business/small-businessdata- center.
2 Goldman Sachs 10,000 Small Businesses Voices, “Glass Half Full: Small Business Owners Optimistic About 2024 Despite Challenging Business, Lending Environment,” January 2024. https://www.goldmansachs.com/citizenship/10000-small-businesses/US/ infographics/glass-half-full/index.html.

Accion Opportunity Fund leverages federal tax credits to invest in high-impact community projects that provide safety net services for low-income communities in the United States. A total of $5 billion in NMTC allocations were recently awarded to 104 organizations nationwide through a highly competitive application process.

“With this allocation award, Accion Opportunity Fund will be able to raise significant equity capital from lenders and investors to finance the expansion of nonprofit service providers, through the new construction of community health clinics, youth centers, homeless shelters, and other types of community facilities that provide substantial benefits to low-income communities,” said Tom Dolan, Senior Director, New Markets Tax Credits.

Prior to this allocation, Accion Opportunity Fund had received a total of thirteen allocations, totaling $498 million, to support our community investments. In turn, Accion Opportunity Fund has provided financing for 41 projects throughout the United States, totaling $498 million in investment for nonprofit facilities and Native American projects that have generated approximately 9,000 construction and permanent jobs.

Accion Opportunity Fund’s projects serves more than 918,000 unique individuals annually, which includes 507,044 low-income individuals, 378,752 Black, Indigenous, and People of Color, and 187,205 at-risk youth.

For example, RYSE Commons, which opened in 2022, provides a safe space for youth in Richmond, California. Its programming includes direct services, education, leadership building, and organizing across issues that affect youth. RYSE’s clients are 90% low income and 96% Black, Indigenous, and People of Color.

One of RYSE’s members is “D.C.” a formerly incarcerated youth. He was recently elected as part of the Contra Costa County Juvenile Justice Coordinating Council. As a member of that Council, “D.C.” advocates for youth who have been systems-impacted and helps push policies that better ensure safe returns and positive outcomes for youth re-entering the community after incarceration.

In FY2024, Accion Opportunity Fund financed the following projects using NMTCs:

Compass Health
Accion Opportunity Fund provided $16 million in financing (in addition to other partners) to help Compass Health construct a new 73,000 square foot facility that will provide in-patient and out-patient behavioral health care for a population that includes adults with chronic mental illness who are either homeless, transitioning out of more intensive mental health treatment facility settings, who may be diverted from incarceration for mental health reasons, or those requiring intensive supports to live independently.

This project is currently under construction. Once completed, this facility will serve over 1,920 individuals annually, 100% low-income, and create or retain 133 permanent jobs

West Last Vegas Library

Accion Opportunity Fund provided $10.5 million in financing (in addition to other partners) to help the Las Vegas-Clark County Library District construct a new 40,430 square foot library. With no more than 15% of its interior square footage devoted to book stacks, the new library will provide project-based learning spaces including technology and multimedia labs, adult learning classrooms, a career hub, business center, and study booths.

This project is currently under construction. Once completed, this project will serve an estimated 23,100 clients annually, 80% low income and 75% Black, Indigenous, or People of Color, and create or retain 40 permanent jobs.

Accion Opportunity Fund is currently reviewing prospective projects for Fall 2024 and beyond. To learn more about AOF’s New Markets Tax Credits program, visit https://aofund.org/new-markets-tax-credit-program/

July 24th, 2024, SAN JOSE–Accion Opportunity Fund (AOF) officially announced today the recent appointment of Sanjeev Patny  as Chief Credit Officer, a position from which he will oversee the nonprofit lender’s commitment to expanding access to capital and lending resources for underinvested small business owners nationwide.

Mr. Patny is a longtime senior executive in the lending industry who brings to AOF a wealth of experience with a proven track record in credit risk management, underwriting and portfolio management. For the last three years, he oversaw decision-making infrastructure for small business credit at Covalto in Mexico City. Between 1997 and 2020, he held a series of leadership positions at American Express, most recently serving as its chief credit officer and vice president of commercial risk management.

“Joining Accion Opportunity Fund has given me an unparalleled opportunity to apply the learnings gained at American Express and Covalto in transforming financial systems for mission-driven lending,” said Mr. Patny. “I am excited to innovate and collaborate with this talented team to create a scalable, inclusive financial ecosystem that supports diverse entrepreneurs, particularly those who have been historically underserved.”

In his position, Mr. Patny is tasked with advancing economic mobility for women and people of color who own small businesses, as well as support low-income communities through affordable financial services, knowledge resources, networks and policy.

A federally recognized Community Development Financial Institution (CDFI),  AOF is committed to serving underinvested entrepreneurs who have the resolve but lack the resources to succeed. Over the last three decades, AOF’s investments have spurred $1 billion in new economic activity and created more than 50,000 new jobs. More than 90 percent of AOF’s clients are women, people of color and are low-to-moderate income.

“Sanjeev’s significant expertise and innovative approach to deploying technology and data analytics to increase financial inclusion through mission-driven nonprofit lending will significantly expand our reach and capacity,” said AOF CEO Luz Urrutia. “It’s a privilege to have someone with Sanjeev’s vision, background and commitment to AOF’s mission on our team as we work to become the first scalable, responsible and financially sustainable nonprofit lender for underinvested small businesses in the US.”

About Accion Opportunity Fund

Accion Opportunity Fund (AOF) works to advance economic mobility for low-income communities, women, and people of color who own small businesses through affordable capital, knowledge resources, networks, and policy. Accion Opportunity Fund Community Development is the lending arm of Accion Opportunity Fund, California Finance Lender license #6050609. More at aofund.org.

Click here to download the report!

Lending to small businesses can have an “evergreen” effect, as sustainable businesses provide services to their customers, wages to their employees, and returns to their owners on an ongoing basis.

Historically, Accion Opportunity Fund borrowers have a business survival rate of 96%. In addition to their demonstrated high rate of loan repayment, this means that the impact of their loans flows throughout the economy over time. TXP’s economic model found that:

Between 2016 and 2023, AOF’s small business loans (16,533 in total) have generated a measurable “Ripple Effect,” or macroeconomic impact, across its largest lending states to date: California, Florida, Georgia, New York, and Texas.

On average, AOF’s loans generate $2.05 in additional annual economic activity across these five states—meaning that for every dollar we invest in a small business, more than $2 is spurred annually in the form of new taxes, new spending, and new wages in these states.

• California: Almost $2 for every dollar AOF invests ($1.96 for every $1), or approximately $1.1 billion is generated in annual economic activity.
• Florida: $2.01 for every dollar AOF invests, or $45.8 million is generated in annual economic activity.
• Georgia: $2.17 for every dollar AOF invests, or $21.5 million is generated in annual economic activity.
• New York: Almost $2 for every dollar AOF invests ($1.77 for every $1), or $44.9 million is generated in annual economic activity.
• Texas: $2.36 for every dollar AOF invests, or $39.4 million is generated in annual economic activity.