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Accion Chicago Inc
1618 W. 18th Street Suite 200 Chicago, IL 60608

GENERAL INFORMATION

Who We Are

ACCION Chicago serves microentrepreneurs in the Chicagoland area who are outside of the financial mainstream by providing them with much needed financial resources and technical assistance.

• This organization is a 501(c)(3) Public Charity .
• This organization is required to file an IRS Form 990 or 990-EZ.
• Financial information in this report is derived from the organization's December 31, 2007 Form 990.
• Additional narrative information in this report was last supplied by the organization on December 3, 2009.
• It makes its audited financial statements available to the public upon request.
• Contributions are deductible, as provided by law.

How to Help

This organization is seeking funds from contributions and grants. These funds will be used for unrestricted operating expenses and special projects.

NTEE Code

• S30—Economic Development
• S31—Urban, Community
• P51—Financial Counseling, Money Management

Chief Executive

Mr. Jonathan Brereton

Chief Executive Profile

Jonathan became ACCION Chicago’s Chief Executive and Lending Officer in 2004. Taking the day-to-day reigns of the organization at a tumultuous time in its history, he helped ACCION establish new loan processes and hire all new staff to continue serving struggling microentrepreneurs in Chicago. He worked closely with the organization’s Board of Directors and donors to restructure its balance sheet, increase participation and develop new controls, leading to a more than 400% increase in mission outcomes. 

Jonathan joined ACCION in 2000 as an Americorps VISTA. He rapidly assumed greater responsibility, first as Director of Operations from 2001 to 2003, then as Chief Operating Officer from 2003 to 2004. He first became involved with microfinance through volunteer work in Haiti while a student at Wheaton College, where he received a Bachelor of Arts degree in business and economics. 

 Jonathan is the recipient of the 2009 Illinois District U.S. Small Business Administration’s Financial Services Advocate of the Year Award and has represented ACCION in the Chicago Tribune, on WTTW, in Crain’s Chicago Business, and on the Business Matters Radio Show.  

BOARD OF DIRECTORS

MISSION AND PROGRAMS

Mission

ACCION Chicago is an alternative lending organization dedicated to providing credit and other business services to small business owners who do not have access to traditional sources of financing. By encouraging the economic self-reliance of microentrepreneurs throughout the Chicagoland area, ACCION Chicago strives to help businesses grow and communities develop.

Programs

In 2009, ACCION Chicago will launch our Formerly Incarcerated Program, which relies on the expertise of existing programs focused on prison reentry and entrepreneurship. ACCION is collaborating with community-based organizations (listed below) to implement the program and to identify and sponsor program participants. Under the program, formerly incarcerated individuals will complete an entrepreneurship class and receive one-on-one counseling to assist them with coursework and business concepts. ACCION Chicago will provide 50 successful graduates with a Credit Builder microloan to start their microenterprise and will work with these individuals to formalize their business by linking them with business mentors, lawyers, insurance agents, and bankers.

Additional Comments from the Organization

2006 Client Profile: Female: 51% Male: 49% 62% Low Income 19% Low-to-Moderate Income Ethnic Profile: 40% African American 23% Hispanic/Latino 23% Caucasian 14% Other

GOALS AND RESULTS

Accomplishments for Fiscal Year Ending December 31, 2006

1.  

   The long-term success of this initiative will be creating the first comprehensive Entrepreneurship Program for formerly incarcerated individuals in the United States, with the goal of developing a replicable program structure for implementation in additional places.

2. Increased loan vlume by 35% from prior year to 113 loans
3. Increased percentage of female borrowers in portfolio to 55%

Objectives for Fiscal Year Beginning January 1, 2007

1. We expect to serve more than 1,800 different businesses in 2007
2. Originate $1.5 million in loans to more than 150 entrepreneurs

Self Assessment

ACCION Chicago's performance is measured by specific outputs; the number of business ideas screened, loans disbursed, and jobs created. Accurate and effective tracking of ACCION Chicago's entrepreneur outreach efforts through existing internal systems will be coupled with an assessment of the challenges faced and the lessons learned to provide a model for future initiatives.

FINANCIAL DATA

Revenues and Expenses: Fiscal Year Ending December 31, 2007

Balance Sheet: Fiscal Year Ending December 31, 2007

Note: The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot long survive, but the types of assets and liabilities also must be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

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