Largest investment in ACE’s history means local business owners have access to more loans
Access to Capital for Entrepreneurs Inc. (ACE) has received an unprecedented $3 million investment from Northern Trust, making its total investment in ACE $4 million. With this funding, ACE will provide more capital to Georgia’s underserved small-business owners of color, women, low-income entrepreneurs and others who lack equitable access to financing across Metro Atlanta and rural North Georgia. Northern Trust initially invested $1 million in ACE in 2016.
“We appreciate the confidence Northern Trust has shown in ACE. Their investment jumpstarts our new five-year strategic growth plan. ACE will lend $77 million to Georgia’s small businesses by 2022.” said Grace Fricks, president and CEO of ACE.
According to Glenn Weiss, Atlanta President of Northern Trust, “Northern shares the common interest of fueling the growth of Main Street businesses in Georgia. After our initial investment of $1 million with ACE, we are now pleased to be able to expand this relationship.”
Atlanta-based Suzette Eliacin, a senior banking account manager at Northern Trust, has also joined ACE as a member of its loan committee. “As a banker and a daughter of a female immigrant business owner I learned firsthand how challenging building a business can be — and how a loan can catapult a business’s growth,” said Eliacin. “I look forward to offering my expertise.”
Since 2000, ACE has loaned more than $56 million to over 850 entrepreneurs, who have created or saved more than 7,300 jobs in Georgia. ACE’s hallmark service is its combination of capital, coaching and connections.