JAMINE MOTON, Founder of Skylar Security LLC, with ACE CEO, GRACE FRICKS
ACE is honored to have been selected by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to receive an award of $560,000 as a “base” award, and an additional $100,000 specifically to be used to serve small businesses in persistent poverty counties (PPCs). We were among 252 Community Development Financial Institutions (CDFIs) to receive $194.1 million in Financial Assistance (FA) awards. This substantial contribution will help us to expand our lending activities to underserved entrepreneurs and the communities they serve.
“This investment from the CDFI Fund allows 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, which empowers entrepreneurs, creates jobs, and provides a much-needed lift for underserved communities.”
Funding provided by entities like the CDFI Fund is what makes it possible for ACE to capitalize business owners like JAMINE MOTON who was turned down by her bank when she applied for a business loan. ACE not only provided the capital Jamine needed to scale her business financially, but they also included technical advisory services and support to help her with best use of her loan funds. In a short time, Moton’s relationship with her ACE business coach began paying big dividends, including changes in price points, and the company is now looking to scale to $1 million in revenue and 200 security providers.
The CDFI Fund allows CDFIs to apply for Financial Assistance (Base-FA) awards of up to $1 million, which can be used for lending capital, loan loss reserves, capital reserves, financial services, and development services.
Read full announcement HERE.
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