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Accion micro-loans can be major boost to startups without collateral: nonprofit's credit helped launch cleaning service that grew to $455k.

Publication: San Diego Business Journal
Publication Date: 28-JUL-08 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Accion micro-loans can be major boost to startups without collateral: nonprofit's credit helped launch cleaning service that grew to $455k.(SPECIAL REPORT)(Christine McDannell)

Article Excerpt
Despite running a house-cleaning business with increasing revenues and clients for more than two years, Christine McDannell couldn't get a business loan from a bank.

[ILLUSTRATION OMITTED]

"I must have gone to five or six different banks and they all declined me," said the owner of Cleanology, a San Diego-based business that the 27-year-old launched in late 2003.

"It didn't have any thing to do with my credit history. They just don't want to touch a small loan. It's not worth the time and effort for a bigger bank."

Fortunately, a friend told McDannell...

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