ACE | Access to Capital for Entrepreneurs is pleased to announce a $4 million investment from PNC Bank to fund affordable and accessible loans to women, people of color and low- to moderate-income small business owners in Georgia. The equity equivalent investment, or EQ2, will help accelerate ACE’s efforts to increase economic opportunity and improve financial health in vulnerable communities throughout the state.
“This capital infusion has real economic and community impacts, as ACE anticipates helping 1,500 small business owners create or save more than 10,000 jobs through the state of Georgia,” said Martina Edwards, chief of strategic partnerships at ACE.
Grace Fricks, ACE’s founder, president & CEO noted, “We’re also pleased to be able to celebrate our valued relationship with the team at PNC and their consistent support of ACE in its growth, reach and scaled impact.”
An EQ2 is a deeply subordinated loan product with features that allow it to work like revolving equity and help investors support longer-term lending activities of Community Development Financial Institutions (CDFIs). As a certified nonprofit CDFI, ACE leverages EQ2 investments to provide low-cost capital solutions to entrepreneurs in underserved markets. ACE specializes in small-business loans coupled with business advisory services, providing borrowers with critical financial resources and the customized support they need to build sustainable businesses to support themselves, their families, and their employees.
“While small business growth in Georgia consistently ranks among the top in the country, these entrepreneurs often struggle to access the resources that will help them survive and thrive,” said Eddie Meyers, PNC regional president for Georgia. “By continuing our long-standing support of ACE with this EQ2 investment, we can leverage the power of PNC’s resources to assist small business owners and strengthen our local economy.”
Read full announcement HERE.
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