Accompany Capital business loans review
These generous microloans with low rates are made with immigrant-run businesses in mind.
Bottom line: This community lender offers microloans with the lowest rates out there without credit requirements.
|Product Name||Accompany Capital microloans|
|Loan Term||6 to 36 months|
|Min. Credit Score||350|
- Rates fixed at 3%
- No application or closing fees
- No minimum credit score
- No fixed revenue requirements
- Might require a guarantor
- Borrowers must be 21 years old
- Outdated information about costs on loan application
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Previously known as the Business Center for New Americans, Accompany Capital specializes in financing and building credit profiles for recent immigrants in the New York City area. There are no credit requirements for its microloan program, and all loans come with a fixed rate of 3%. Its maximum loan amount is also five times higher than what you’d find with similar lenders like Kiva.
But you can’t use these funds to get your business off the ground. While there’s no time in business requirement, your business must have positive cashflow. And in some cases, you might need to bring on a guarantor.
Accompany Capital business loan rates, fees and terms
All Accompany Capital microloans come with rates fixed at 3% APR — with no application fees, origination fees or prepayment penalties. Loan terms run from 6 to 36 months. And you can borrow between $500 and $50,000. Use our calculator to see how much an Accompany Loan might cost your business each month.
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See how much you'll pay
|Loan terms (in years)|
Accompany also has a pilot program offering loans up to $75,000, though it's unclear if the same rates and terms apply. If you need more than that amount, you can apply for a government-backed SBA loan through Accompany Capital. But rates and fees are higher for this product.
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Great for SBA loan applicants.
How Accompany Capital compares to other lenders
Here's how Accompany Capital stacks up to other business financing options without hard credit or time in business requirements.
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Accompany Capital reviews and complaints
Accompany Capital doesn't have any reviews or complaints on sites like Trustpilot or the Better Business Bureau. This is common for lenders that serve a small community, like Accompany Capital.
To get an idea of the kind of service to expect, ask other business owners in your community to see if anyone has used this lender. Or, talk to a local business development center and ask about this lender.
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How to qualify
You and your business must meet the following minimum requirements to qualify for a microloan.
- Located in one of New York City's five boroughs
- Over 21 years old
- Positive cash flow
- No bankruptcies in past 24 months
- Current on all required licenses to operate
How the application works
Accompany Capital accepts applications online, over the phone and in person at one of its offices. You can apply online by filling out a brief form about your business on the website. After you submit your form, a loan officer should contact you to complete the application.
Accompany Capital doesn't state how long it takes to receive your funds. But you can usually expect it to take a few weeks for a lender of this size. It also doesn't state how repayments work, but typically nonprofits ask for repayment once a month.
What sets it apart
Accompany Capital's 3% APR is lower than what you'll find with most business lenders — including big banks. Its lack of credit score and revenue requirements also open it up to immigrants and small operations that are difficult to fund. And it's one of the few nonprofit microlenders that also allows you to apply online. Most require in-person or phone applications.