MaGi Foods secures financing from ACCION to expand operations

October 21, 2011

San Antonio Business Journal by Tamarind Phinisee, Copyeditor/Reporter

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MaGi Foods has received the first loan from ACCION Texas Inc. under the lender’s Community Advantage pilot loan program.

The Community Advantage loan initiative gives ACCIÓN more lending power so that it can reach a broader range of businesses that may need larger amounts of capital. ACCION officials would not disclose the amount of the loan.

As such, ACCIÓN can now process loans of up to $250,000, with an 85 percent guarantee from the SBA for loans up to $150,000 and 75 percent for loans over $150,000 and up to $250,000.

ACCIÓN became an SBA 7(a) Community Advantage Pilot Loan Program participant in July.

MaGi Foods will use the loan to support the local business’ growth. The company produces and markets the Cajun and Creole food brand Louisiana Purchase, which is sold in H-E-B, Central Market and other grocery stores.

San Antonio-based ACCIÓN is the nation’s largest nonprofit microlender. It provides credit and services to small businesses that do not have access to loans from commercial sources. It also provides leadership and services to the microlending field on a national level.

Since 1994, ACCIÓN has made more than 12,000 loans totaling more than $112 million. ACCIÓN now operates in four states: Texas, Louisiana, Arkansas and Missouri.