ACCION New York, Inc. will develop LendRight, a wireless lending initiative to increase access to credit by minority entrepreneurs and improve the level of service delivery. The African-American and Hispanic small business communities of New York have an acute need for credit and studies have shown that these entrepreneurs face the most difficulty in receiving credit and capital from conventional sources. To fill this need, ACCION New York will develop a lending initiative that enables low-income African-American and Hispanic entrepreneurs to access credit from their home communities. Called LendRight, the program will equip loan officers with handheld technology and access to an interactive contact management database to collect and process information, recommend lending products, pre-approve loans and conduct follow-up. LendRight will dramatically increase ACCION New York's ability to reach greater numbers of low-income entrepreneurs, and will improve the level of service provided to them by decreasing turnaround times of applications. The project will focus on the Bronx, Harlem, and Brooklyn's Bedford-Stuyvesant, Bushwick, Crown Heights, and Brownsville sections.
For the past twelve years, ACCION New York has provided credit, business services, and technical assistance to self-employed individuals. LendRight will involve numerous organizations, including branch banks, community advocacy groups, and local government agencies. It will target individuals whose historical lack of access to credit frequently means they are unable to improve their businesses and make important strides towards developing their communities in areas that most need local investment and change. By bringing access to capital directly to small business owners at their place of business, ACCION New York will enable them to raise their productivity, achieve gains in incomes, and begin creating local jobs.
LendRight's primary objective is to improve the number of African-Americans and Hispanics that receive loans from ACCION New York. Over three years, ACCION New York expects to serve 1,388 people through this initiative and create a sustainable, wireless mobile lending initiative that can be replicated by other practitioners across the country.
