The fifth edition of the “Ripple Effect” report examines ten years of lending activity and economic outcomes across nearly 20,000 small businesses nationwide and the communities around them.

SAN JOSE, Calif., Oct. 8, 2026 /PRNewswire/ — Accion Opportunity Fund (AOF), a leading national nonprofit lender and advocate for underserved small businesses in the United States, today released the fifth edition of its “Ripple Effect” report, its most comprehensive economic impact review to date. For the first time, the report traces AOF’s full decade of funding and lending activity, following a dollar from public funding through philanthropy and private debt into a business loan and out into the local economy. It is the first analysis to follow a public dollar through the full chain of associated philanthropy, debt, loans, and GDP creation.

The report found that every $1 in taxpayer funding helped generate an estimated $112 in GDP over a decade. That public dollar was a catalyst, drawing in philanthropy and private investment that made AOF’s lending possible.

Among the report’s key findings, AOF:

• Supported the retention of 60,000+ small business jobs and the creation of more than 10,000 additional jobs.
• Helped generate an estimated $5.46 billion in new GDP over ten years, including approximately $3 billion in earnings.
• Reached nearly 20,000 small businesses, approximately 96% of which were still in business two years after their loan.
• 71% of AOF’s borrowers came from low-income households, and approximately 90% came from or operated in underserved communities.

“There’s a gap in the market, and a market in the gap,” said Luz Urrutia, President and CEO of Accion Opportunity Fund. “This report is our evidence base — proof that public and philanthropic dollars can draw private capital into that gap, and that the returns reach whole communities.”

Economic Impact

AOF’s lending model has helped turn public and philanthropic support into lasting economic growth for underserved small businesses and their communities. Over the past decade, approximately $48.7 million in public funding helped catalyze $139 million in private philanthropic support from over 2,800 donors, which helped mobilize $307 million in debt capital from 43 investors. AOF was able to lend out that debt capital multiple times over the ten-year period, for a cumulative total of $960 million in small business loans, which generated the estimated $5.46 billion in new GDP. That’s an estimated $112 in GDP generated per $1 of associated taxpayer funding.

Ripple’s Commitment

In 2025, Ripple made a $15 million commitment to AOF, including $10 million deployed as permanent lending equity. Applying the methodology in this report, that lending equity could help generate as much as $900 million in new GDP over the next decade, because capital that stays on the balance sheet keeps anchoring new lending year after year.

“Our partnership with Accion Opportunity Fund and these findings underscore the transformative impact capital access can have on small business owners and communities,” said Jonathan Perri, Social Impact Director at Ripple. “AOF is demonstrating how mission-driven lending can achieve positive change at scale. We’re proud to be part of the solution to giving underserved small business owners the tools they need to grow, sustain, and thrive.”

The full Ripple Effect report is available at: aofund.org/partnerships-ripple. AOF will host a public discussion of the findings with its research partners and Ripple on Friday, October 30 at 10 a.m. PT / 1 p.m. ET. Register here.

Methodology

The economic analysis was led by TXP, Inc., an economic analysis and public policy consulting firm, with research and analysis support from ideas42. It draws on ten years of AOF lending data from 2015 to 2025, covering the 46 states and Washington, D.C. where loans were originated. To estimate AOF’s economic impact, TXP used the Regional Input-Output Modeling System (RIMS II), developed by the U.S. Bureau of Economic Analysis (BEA).

About Accion Opportunity Fund

As a leading national nonprofit small business lender and Treasury Department-certified Community Development Financial Institution (CDFI), Accion Opportunity Fund provides affordable loans, free business advising, educational resources and support networks to fuel long-term success. More than a lender, the organization champions underserved small business owners who are ready to grow, thrive and build a better future. For over 30 years, Accion Opportunity Fund has expanded access to economic opportunity by creating pathways to both financial and knowledge capital.

Media Contact
pro-accion@prosek.com

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SOURCE Accion Opportunity Fund