HUD Awards Accion Programs $800,000 to Boost Job Growth and Business Opportunities Along U.S. Border with Mexico
A first-time collaborative effort by Accion Texas and Accion New Mexico · Arizona · Colorado to stimulate job growth and business opportunities in chronically underserved rural areas along the U.S. border with Mexico has been awarded $800,000 from the U.S. Department of Housing and Urban Development (HUD). Accion Texas, as the lead organization, receives 60% of this grant and Accion New Mexico · Arizona · Colorado will receive 40% to support New Mexico and Arizona entrepreneurs.
Through the collaborative project, Accion New Mexico · Arizona · Colorado will focus on serving entrepreneurs in 38 targeted colonias, typically defined as residential communities along the U.S. border with Mexico with marginal conditions related to housing and infrastructure. The grant is provided through HUD’s Border Community Capital Initiative (Border Initiative). The Border Initiative is a partnership among three federal agencies-HUD, the Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and the Department of Agriculture-Rural Development (USDA-RD).
The Border Initiative focuses on improving colonias communities and creating asset-building opportunities for residents by helping local financial institutions raise capital to lend and invest in their communities.
Accion is dedicated to helping entrepreneurs and business owners fuel income generation, asset creation, employment opportunities and financial success through business ownership. The organization offers business loans between $200 and $300,000 along with training, networking and other support services to those who own or want to start a business.