Cleveland, Georgia, November 3. 2015 – Access to Capital for Entrepreneurs (ACE) announced today that it has joined the Federal Home Loan Bank of Atlanta (FHLBank Atlanta). FHLBank Atlanta provides flexible financing options, community development grants, and other banking services to its 900-member cooperative of financial institutions.
As an FHLBank Atlanta member, ACE will have access to the competitively priced financing, community development grants and other banking services that help the Bank’s member financial institutions grow and prosper.
“The new resources made available through FHLBank Atlanta will expand our ability to meet the specific financing needs of underserved communities. We look forward to a long and productive relationship with FHLBank Atlanta,” said Grace C. Fricks, ACE President and CEO.
ACE joins a small group of 38 community development financial institutions (CDFIs) currently participating as a member institution in the Federal Home Loan Bank System’s (FHLBank System), and is the fifth CDFI to join the FHLB Atlanta cooperative. The FHLBank System plays an essential role in meeting the credit needs of all communities throughout varying economic cycles, supporting housing finance and community lending activities and serving as a reliable source of liquidity for their member institutions.
CDFIs were authorized as eligible member institutions of the FHLBank System in 2010. Given the expertise CDFIs have in supporting underserved populations and communities, expanded CDFI membership in the FHLBank System will bring the additional capacity and resources required to address the needs of our nation’s most vulnerable population.
“CDFIs play a critical role in strengthening communities, and for that reason they serve as a strong partner in helping us further our mission,” said Scott Brennan, FHLBank Atlanta Director of Sales. “We look forward to working with ACE, and to welcoming more CDFIs as members in the future.”
ACE’s mission is to provide community economic development to underserved people and communities. As a non-profit lender, ACE provides loans and business development resources to help its borrowers create and grow sustainable businesses, which in turn, generate jobs. Since its inception in 1999, the organization has made more than
$31 million in loans and has created or retained more than 4,000 jobs in Georgia. Learn more at https://aceloans.org