ACE | Access to Capital for Entrepreneurs is pleased to announce receipt of a $2.4 Million grant from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) – one of 603 CDFIs to receive funding through the CDFI Equitable Recovery Program (ERP). The allocation of these funds will enhance ACE’s capacity to support small business owners in recovering from the economic impact of the COVID-19 pandemic, while also promoting long-term economic prosperity.
Affordable loans from ACE ensure that entrepreneurs like Phyllis Broughton of Bombay & Cedar, LLC. have access to the responsible funding they need to sustain and advance their business.
“Investments from capital resources like the CDFI Fund ERP allow ACE to continue its work of funding minority-owned, women owned, and low-moderate income-owned businesses in Georgia,” says Grace Fricks, President & CEO of ACE. “Access to flexible capital for all is our goal, and this injection of equity enhances our ability to provide that capital. We are pleased to be able to continue the work of empowering entrepreneurs, creating jobs, and providing a much-needed lift for underserved communities.”
The ERP is a grant program that aims to boost the lending, investment, and grant-making activities of CDFIs in low or moderate-income communities. These communities have significant financial needs and have been disproportionately affected by the economic fallout from the COVID-19 pandemic. Through this program, CDFIs can acquire the resources they need to expand their organizational capacity, including technology, staff, and other tools that are essential to achieving their objectives. By participating in the ERP, ACE is able to better serve these communities, help bridge the gap in unmet capital and financial services needs, and aid in the overall economic recovery of these areas.
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