Accion Opportunity Fund Community Development

Organization Overview

Accion Opportunity Fund Community Development is located in San Jose, CA. The organization was established in 2000. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Accion Opportunity Fund Community Development employed 155 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Accion Opportunity Fund Community Development is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 06/2021, Accion Opportunity Fund Community Development generated $53.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 19.6% each year . All expenses for the organization totaled $37.9m during the year ending 06/2021. While expenses have increased by 17.9% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2018, Accion Opportunity Fund Community Development has awarded 12 individual grants totaling $305,104. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO DELIVER AFFORDABLE CAPITAL AND RESPONSIBLE FINANCIAL SOLUTIONS (SEE SCH. O FOR CONTINUATION) TO UNDERSERVED ENTREPRENEURS AND COMMUNITIES, WITH A SPECIAL FOCUS ON LOW-INCOME PEOPLE, PEOPLE OF COLOR, AND WOMEN.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SMALL BUSINESS LENDING PROGRAM - THE ORGANIZATION MAKES LOANS TO SMALL BUSINESSES THAT LACK ACCESS TO AFFORDABLE CREDIT FROM TRADITIONAL SOURCES. SINCE INCEPTION, THE ORGANIZATION HAS MADE OVER 22,000 LOANS TOTALING $625 MILLION TO SMALL BUSINESSES WHOSE OWNERS ARE PRIMARILY PEOPLE OF COLOR AND/OR LOW TO MODERATE INCOME. MANY LOANS TO CALIFORNIA-BASED BORROWERS ARE ENROLLED IN A LOAN LOSS RESERVE PARTIALLY FUNDED BY THE STATE OF CALIFORNIA AS PART OF ITS CAPITAL ACCESS PROGRAM.BEGINNING IN JUNE 2020, IN RESPONSE TO COVID-19, THE ORGANIZATION BEGAN OFFERING LOWER COST LOANS WITH INTEREST RATES FROM 4-4.25% TO SELECT BORROWERS WHO WERE SEVERELY IMPACTED BY COVID-19. THE ORGANIZATION ALSO BEGAN PARTICIPATING IN SELECT PUBLIC-PRIVATE PARTNERSHIPS THAT OFFER LOW-RATE LOAN PROGRAMS. THESE LOANS ARE TYPICALLY BACKSTOPPED BY A LOAN LOSS RESERVE PROGRAM ADMINISTERED BY A GOVERNMENT PROGRAM AND SOLD TO A SPECIAL PURPOSE CREDIT VEHICLE WHERE ONLY A PORTION OF THE LOANS, TYPICALLY 5-10%, REMAIN ON THE ORGANIZATION'S STATEMENT OF FINANCIAL POSITION.IN APRIL 2020 THE ORGANIZATION WAS APPROVED AS A PAYCHECK PROTECTION PROGRAM ("PPP") LENDER BY THE U.S. SMALL BUSINESS ADMINISTRATION. THIS PRODUCT FOR SMALL BUSINESSES RANGES IN SIZE BASED ON THE PAYROLL OF THE COMPANY, HAS A 1 % FIXED INTEREST RATE, AND MAY BE FULLY FORGIVABLE IF THE FUNDS ARE USED FOR AN ELIGIBLE PURPOSE.THE ORGANIZATION SELLS PARTICIPATIONS IN ITS LOAN PORTFOLIO TO A FEW INSTITUTIONS. THE PURPOSE OF THESE SALES IS TO MANAGE CREDIT CONCENTRATION IN THE ORGANIZATION'S PORTFOLIO AND TO GENERATE LIQUIDITY TO PROVIDE FOR ADDITIONAL LOAN GROWTH. LOANS ARE TYPICALLY SOLD AT A PREMIUM OVER FACE VALUE AND THE ORGANIZATION RETAINS THE SERVICING OF THE LOANS, FOR WHICH IT CHARGES A MONTHLY FEE.THE ORGANIZATION USES A GLOBAL SERVICE PROVIDER TO ASSIST WITH SOME OF ITS LOAN ORIGINATIONS AND SERVICING FUNCTIONS. THE GLOBAL SERVICE PROVIDER PERFORMS THESE FUNCTIONS OUTSIDE THE US AND HAS INDUSTRY APPROPRIATE BUSINESS CONTINUITY PLANS IN PLACE. AOFCD DOES NOT HAVE ANY EMPLOYEES OR ASSETS OUTSIDE THE US.


NEW MARKET TAX CREDITS PROGRAM - IN 2003, THE ORGANIZATION WAS CERTIFIED BY THE U.S. DEPARTMENT OF TREASURY COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION FUND ("CDFI FUND") AS A COMMUNITY DEVELOPMENT ENTITY ("CDE") UNDER ITS NEW MARKET TAX CREDIT ("NMTC") PROGRAM. AS OF JUNE 30, 2021, THE ORGANIZATION HAS RECEIVED A CUMULATIVE TOTAL OF $388 MILLION OF TAX CREDIT ALLOCATIONS. THE ORGANIZATION THROUGH ITS SUBSIDIARY CDE, THE LCD NEW MARKETS FUND, LLC USES THESE ALLOCATIONS TO ATTRACT NEW CAPITAL TO SUPPORT LARGE REAL ESTATE PROJECTS PROVIDING HIGH COMMUNITY IMPACT IN LOW INCOME AREAS. AS OF JUNE 30, 2021 AND 2020, THE ORGANIZATION HAS DEPLOYED $388 MILLION AND $377 MILLION IN QUALIFIED EQUITY INVESTMENTS ("QEIS"), RESPECTIVELY.


POLICY PROGRAM: ACCION OPPORTUNITY FUND CONDUCTS PROGRAM EVALUATION AND RESEARCH AND ADVOCATES FOR FEDERAL, STATE AND LOCAL PUBLIC POLICIES THAT WILL BENEFIT OUR MISSION AND THE WORKING FAMILIES THAT OUR PROGRAMS SERVE.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Virsa Capital Inc
Referral Fees For Small Business Loans
$954,571
Sgs Holding De Mexico
Consulting & Training
$670,797
Measured Connections
Software Development Services
$500,906
Q2 Software Inc
Software Development Services
$467,212
Lending Club
Referral Fees For Small Business Loans &
$314,548
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $5,224,443
All other contributions, gifts, grants, and similar amounts not included above$25,656,110
Noncash contributions included in lines 1a–1f $262,000
Total Revenue from Contributions, Gifts, Grants & Similar$30,880,553
Total Program Service Revenue$22,654,762
Investment income $83,499
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$18,200
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $53,600,614

Grants Awarded

Over the last fiscal year, Accion Opportunity Fund Community Development has awarded $15,000 in support to 2 organizations.

Grant RecipientAmount

LA FAMILY HOUSING CORP

Org PageRecipient Profile

North Hollywood, CA

PURPOSE: SPONSORSHIP TO THE ORG ANNUAL GALA

$10,000

COMPASS FAMILY SERVICES

Org PageRecipient Profile

San Francisco, CA

PURPOSE: SPONSORSHIP TO THE ORG ANNUAL FUNDRAISING EVENT

$5,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 20 grants that Accion Opportunity Fund Community Development has recieved totaling $2,531,120.

Awarding OrganizationAmount
Local Initiatives Support Corporation

New York, NY

PURPOSE: SEE PART IV

$1,000,000
Silicon Valley Community Foundation

Mountain View, CA

PURPOSE: Human Services

$625,607
Bank Of America Charitable Foundation Inc

Charlotte, NC

PURPOSE: OPERATIONAL SUPPORT

$200,000
The California Endowment

Los Angeles, CA

PURPOSE: BUILDING HEALTH AND INVESTMENT ACROSS COMMUNITIES IN CALIFORNIA: TO IMPROVE THE CAPACITY FOR SMALL AND MINORITY ENTREPRENEURS TO SUPPORT VIABLE ECONOMIC DEVELOPMENT OPPORTUNITIES VIA MICROLENDING AS A MEANS TO PROMOTE HEALTH IN UNDERSERVED COMMUNITIES IN CALIFORNIA.

$200,000
Great Rivers Community Tr

Zebulon, NC

PURPOSE: GENERAL SUPPORT

$148,980
Bank Of America Charitable Foundation Inc

Charlotte, NC

PURPOSE: OPERATIONAL SUPPORT

$100,000
View Grant Recipient Profile

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