Is this money that would be donated to a specific cause or is it a "loan" whereby the receipient has to repay with a percentage of some sort?
joann D. asked on Nov 1, 2012
With your donation, Accion East will make loans to small businesses affected by Hurricane Sandy in New York, New Jersey and Connecticut. 100% of your donation will go towards performing community outreach, disbursing capital, and counseling microloan borrowers who are struggling to repay their microloans as a result of financial and personal hardships brought on by the hurricane. The interest rate on our loans range from 8.99% to 15.99%, with the average being 12%. All our borrowers are individuals who could not otherwise access traditional funding from a bank or other lending institution and often come to us in lieu of getting charged 24.99% for cash advances on their credit cards. Terms range from nine (9) to sixty (60) months.
Alejandra B. from Merchant replied on Nov 1, 2012