FAQs

What Opportunities and Services Does ACE Offer to Its Borrowers?

  • CAPITAL – ACE make small business and commercial loans
  • COACHING – ACE distinguishes itself from other lenders with our business advisory services.
  • CONNECTIONS – ACE is able to connect you with other small businesses, mentors and important contacts in your area

How can I donate to ACE?

If you would like to make a donation to ACE, you can send a check or money order to 3173 Hwy 129 North, Cleveland, GA 30528. Or click HERE to make a donation online.

Where does ACE get its funding?

ACE borrows most of its funding from banks, foundations and the federal government. ACE must repay its debts just as ACE borrowers do. ACE must rely on contributions to offer affordable business advisory services such as money mentors, financial education and networking opportunities.

Where can I get help completing a business plan and other financial statements?

Please visit our business resource page for links to resources and templates that are available to assist you. You may also contact a Small Business Development Center for assistance at www.georgiasbdc.org.

What documentation is required for the loan?

Documentation varies depending on the loan amount and whether it is a startup or existing business.Basic documents required for your application include:

Is there a prepayment penalty on these loans?

No, ACE does not have any prepayment penalties on our loans.

Since mortgage rates are so low why can’t I get a small business loan for the same rate?

Mortgage loans are, at the time of the loan, completely secured by a 1st position on real estate. Small business loans usually do not have a first position on real estate and therefore, are higher risk which directly increases the rate.

What are the interest rates and terms of repayment?

Interest rates vary and are determined by the market rate and loan risk.
Our terms range from 3 months to 72 months, depending on the loan amount.

Why is collateral required?

ACE needs to have collateral to secure the loan. This loan is not a grant. When you are willing to use whatever you believe is of value as collateral, it shows us that you are committed to your business. We want to see that you will believe in yourself and your business enough to take some of the risk as well.

Is collateral required?

Yes, the applicant will be asked to pledge some form of collateral such as house, land, car, inventory, equipment, and any assets being purchased with the loan funds.ACE will file a UCC1 blanket lien on the business assets, inventory, fixtures and equipment.

Are there any restrictions for the use/purpose of the loan funds?

The loan funds can be used for expanding an existing business, start-up businesses, working capital and start-up capital.The loan funds can not be used solely to payoff personal debt or credit card debt or for personal expenses.

What loan amounts are available?

We offer small business loans up to $50,000 and we offer commercial loans over $50,000. For loans $50,000 and under, please use our online application. For loan amounts over $50,000, please contact one of our commercial loan officers – Sandy Headley (headley@aceloans.org) or Chris Clay (clay@aceloans.org)

Do you require a personal guaranty on the loan or is the loan just in the business name?

Yes, we require a personal guaranty on our loans.

What is required for a loan?

You will not be eligible for a loan if you fail to meet any of the following criteria:

  • Minimum credit score of 600.
  • Free of active bankruptcies for the last three years.
  • Free of foreclosure for the last twelve months.
  • Mortgage and rent payments for home and business must be current at time of application.
  • Mortgage must not be in the process of restructure or modification.
  • Must be current on all vehicle loans.
  • Must be free of all tax liens.
  • Business must not be involved in the adult entertainment, multi-level marketing, or gambling business.
  • Can not have any outstanding judgments.
  • All student loans must be in good standing.
  • Borrower can not have any non-medical collections within the last six months.
  • You must be personally responsible for the repayment of the debt.
  • You must have collateral to pledge for this loan that is free and clear of any liens.
  • You and your business must be able to afford the additional debt payment for this loan.
  • If your business has less than six months of documented operating revenue, your business will be considered a startup. If your business is a start-up, we will require an existing outside source of income, other than your new business, that can cover your personal debts and expenses, as well as anticipated business rent.
  • All parties owning 20% or more of the business will be required to sign on the promissory note and provide a personal guaranty.

How do I apply for a loan?

Review our loan products to find the best option for you – Apply for a Loan

Who can apply for a loan?

Any small business owner or entrepreneur within our service area.

What types of businesses are ineligible?

  • Gambling
  • Adult Entertainment
  • Investment Companies
  • Pyramid or Multilevel Marketing Businesses
  • Weapons and Ammunition Manufacturing
  • Cannabis
  • Title Pawn
  • Speculative Real Estate
  • Money Service Business/ Finance Companies
  • Lending Firm / Brokerage

What does ACE expect from its borrowers?

  • Make sure payments are available monthly through electronic funds transfer
  • Provide annual financial statements
  • Communicate with ACE
  • Keep us informed ahead of time of any issues
  • Share your stories with ACE
  • Personal commitment to repay your loan

Who is ACE?

ACE is a nonprofit organization that provides loans to start and grow businesses in Georgia. ACE offers its borrowers business development resources to create sustainable businesses. ACE is certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI).