Access to Capital for Entrepreneurs (ACE) is a nonprofit organization that provides access to capital, education, and business development resources to new and existing environmentalist businesses. ¹  The organization claims to connect small businesses owned by women and people of color in the greater Atlanta metro area and North Georgia with capital and coaching to sustain their businesses and retain their employees. ²

ACE was founded in 1997 by Grace Fricks with an initial grant of $50,000. ³ As of 2024, the organization has made $220 million in loans while claiming to have created over 22,000 jobs in the Atlanta region and north Georgia. ³

Major donors to ACE include MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, who contributed $10 million; ⁴ the Truist Foundation; and the Rockefeller Foundation, which made several multi-million-dollar contributions to the organization. ⁵

Background

Access to Capital for Entrepreneurs (ACE) is a nonprofit community development financial institution based in Georgia. ⁶ Also known as ACE, the organization offers loans to start and grow businesses while providing its borrowers with business development resources. ⁵

The organization claims to focus on providing access to capital, education, and business development resources to new and existing small, micro, or environmentalist-conscious businesses. ¹

ACE was founded in 1997 in Georgia by Grace Fricks from an initial grant of $50,000. ³ As of 2024, the organization made $220 million in loans and claims to have created over 22,000 jobs in the Atlanta region and north Georgia. ³ From January 2022 through March 2023, ACE claimed to help provide roughly $2.7 million in capital to 22 small businesses in the region while providing an average of seven hours of business coaching per business loan. ^{2 3}

ACE claims that 87 percent of its customers have businesses in Metro Atlanta and that 89 percent were from underserved populations and that 70 percent of the loan funds go to African American small business owners and 14 percent of loans go to Hispanic small business owners. ³ The organization has provided business advisory services to more than 2,700 small businesses. ³

ACE is a U.S. Treasury Department-certified community development financial institution (CDFI), ⁷ or a group that focuses on community development through federal, state and private funding. ^{6 3}

ACE is a U.S. Small Business Administration Microloan Intermediary and a U.S. Department of Agriculture Intermediary Relender. ²

ACE has claimed to work with metro Atlanta county government officials to allegedly increase small business capital access including a partnership with Gwinnett County to release over $10 million in partially forgivable loans. ³

Access to Capital for Entrepreneurs (ACE) claims to donate loans of up to $50,000 for entrepreneurs and offers commercial loans of more than $50,000. ⁸

In 2023, ACE made more than $35 million in loans, with 89 percent going to entrepreneurs in underserved communities, while more than 80 percent of its loans went to black and indigenous people of color (BIPOC) entrepreneurs. Half of the loans went to female business owners, and one third went to low-to-moderate income entrepreneurs. ³

To qualify for an ACE loan, a prospective borrower must have a minimum credit score of 600; be free of active bankruptcies for the last three years; must be free of foreclosure for the last 12 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; businesses must not be involved in the adult entertainment, multi-level marketing, or gambling business; can’t have any outstanding judgments; all student loans must be in good standing; a borrower can’t have any non-medical collections within the last six months; an ACE borrower must be personally responsible for the repayment of the debt; the borrower must have collateral to pledge for this loan that is free and clear of any liens; the borrower and business must be able to afford the additional debt payment for this loan. ⁸

ACE says it borrows most of its funding from banks, foundations, and the federal government and the organization says it must repay its debts the same way its borrowers do. ⁸

In an appeal to potential donors, ACE stated that interest on repaid loans only covered 60 percent of the costs of providing services to its clients, and thus it is reliant on philanthropic support. ³

Financials

MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, contributed $10 million to Access to Capital for Entrepreneurs (ACE) in 2024. ^{9 10 4}

In 2020, Jeff Bezos donated $5 million to ACE. ¹⁰

In December 2022, the Truist Foundation gave a $3.75 million grant to ACE towards providing “increased equitable loan capital for minority-owned small businesses over three years.” ¹¹

The Cooperative Assistance Fund contributed $5,729,567 to ACE in June 2023. ⁵

The Rockefeller Foundation contributed $5 million to ACE in December 2022 for “Providing Diverse and Flexible Lending Solutions and Educational Resources To Historically Disadvantaged Small Business Owners in the Atlanta, Ga [sic] Metro Area.” ⁵

Programs and Initiatives

Access to Capital for Entrepreneurs created Georgia Green Loans in 2008 for environmentalist-conscious businesses. The programs include Save and Sustain, which provides subsidized energy audits and low-interest commercial energy efficiency loans to small businesses. ³

The Healthy Food Financing Initiative is designed to provide financing for stores in “food deserts” to offer customers fresh fruits and vegetables. ³

The ACE Women’s Business Center provides business development support to minority business owners, women-owned businesses, and low-to-moderate income business owners, with its base in Gwinnett County. The Metro Atlanta Women’s Business Center was named as the U.S. Small Business Administration’s 2022 Center of Excellence Award Winner. A Women’s Business Center was also opened in Savannah in 2021. ³

In 2017, ACE launched a Hispanic initiative. ³

ACE launched an initiative to provide $600,000 in loan forgiveness, coupled with grants and debt payment relief to vulnerable clients, such as business owners of color and low-income entrepreneurs located in marginalized communities. ³

During the COVID-19 pandemic, ACE created an emergency loan program with up to $50,000 in working capital, which has supported more than 100 business owners with a total of almost $4 million, with up to six-months principal and interest payment deferments. Also, during the pandemic, ACE provided more than $10.5 million in Paycheck Protection Program loans for 705 small businesses in 2021. ³

Leadership

Grace Covington Fricks is the founder, president, and CEO of Accessed to Capital for Entrepreneurs (ACE) as of 2024. She announced in December 2024 that she would be retiring from her position as president and CEO. ^{6 12} Fricks has been on the boards of Appalachian Community Capital, and the Atlanta Emerging Markets Inc. She is also a member of the Carter Center Board of Councilors. She is a former board member of the National Association of Women Business Owners Atlanta chapter. ¹³

Martina Edwards is set to become the new president and CEO of ACE in January 2025. As of December 2024, Edwards serves as chief of strategic partnerships for ACE, where she began working in 2019. ¹⁴ Previously, Edwards worked as a stockbroker for Merrill Lynch on the floor of the New York Stock Exchange. ⁶ She is on the advisory board for venture capital firm Zane Venture Fund, was a member of the board of directors for Opportunity Finance Network, was previously the vice president of corporate partnerships at Points of Light and the senior director of alternative investments and alumni programs at Sponsors for Educational Opportunity. ¹²

Ray Pennie is chief of business advisory services for ACE. Previously, Pennie was vice president of business development for Clearpoint. He is a board member for the Better Business Bureau of Metro Atlanta, Athens, and North Georgia. ¹²

Shannon Stewart is the chief operating officer for ACE. Stewart was previously assistant vice president at South State Bank, vice president of operations and information technology with Mountain Heritage Bank, and as a commercial loan officer with Regions Bank. ¹²

Wassia Kamon is the chief financial officer for ACE. Kamon previously was vice president of finance and corporate controller at the Low-Income Investment Fund. ¹²

Adam Foley is the chief credit officer for ACE. He was previously a commercial lender with the First Bank in McDonough, Georgia, and a vice president/credit services manager and division president with Persons Banking Company. ¹²

1. “Access to Capital for Entrepreneurs.” Charity Navigator. Accessed December 12, 2024. https://www.charitynavigator.org/ein/582383669
2. Press Release. “ACE | Access to Capital for Entrepreneurs Receives $5 Million Grant From The Rockefeller Foundation to Support Small Business Owners in Atlanta.” March 23, 2023. Accessed December 12, 2024. https://www.rockefellerfoundation.org/news/ace-access-to-capital-for-entrepreneurs-receives-5-million-grant-from-the-rockefeller-foundation-to-support-small-business-owners-in-atlanta/
3. “Organization Overview.” Access to Capital for Entrepreneurs. Accessed December 12, 2024. https://aceloans.org/organization-overview/
4. Abdur-Rahman, Nahlah. “Mackenzie Scott Donates $10M To Nonprofit Helping Small Businesses In Georgia.” Black Enterprise. September 10, 2024. Accessed December 13, 2024. https://www.blackenterprise.com/mackenzie-scott-donates-10m-to-nonprofit-helping-small-businesses-in-georgia/
5. “Access to Capital for Entrepreneurs.” Cause IQ. Accessed December 12, 2024. https://www.causeiq.com/organizations/access-to-capital-for-entrepreneurs,582383669/
6. Donastorg, Mirtha. “Founder of Georgia-based community lender to retire, new CEO named Grace Fricks will retire as president and CEO of Access to Capital for Entrepreneurs in December.” Atlanta Journal Constitution. August 20, 2024. Accessed December 12, 2024. https://www.ajc.com/news/business/founder-of-georgia-based-community-lender-to-retire-new-ceo-named/F7RFM4LAF5DBPJPBWJV5QC5GV4/
7. “Access to Capital for Entrepreneurs, Inc. – Atlanta, Georgia.” CDFI Coalition. Accessed December 13, 2024. https://cdfi.org/wp-content/uploads/2020/09/GA-ACE.pdf
8. “Frequently Asked Questions.” Access to Capital for Entrepreneurs. Accessed December 12, 2024. https://aceloans.org/faqs/
9. ^[1] Tremayne-Pengelly, Alexandra. “MacKenzie Scott Has Quietly Given Away Over $17B Since 2020: Her Latest Donations.” Observer. November 22, 2024. Accessed December 12, 2024. https://observer.com/2024/11/billionaire-philanthropist-mackenzie-scott-quietly-donates-300m/
10. Gilmore, Hunter. “Mackenzie Scott Gifts $10M To Nonprofit, Fueling Small Businesses Across Georgia.” Atlanta Daily World. September 11, 2024. Accessed December 13, 2024. https://atlantadailyworld.com/2024/09/11/mackenzie-scott-gifts-10m-to-nonprofit-fueling-small-businesses-across-georgia/
11. Press Relase. “Access to Capital for Entrepreneurs receives $3.75 million grant from Truist Foundation to support expansion into South Georgia.” Truist Foundation. December 9, 2022. Accessed December 13, 2024. https://media.truist.com/2022-12-09-Access-to-Capital-for-Entrepreneurs-receives-3-75-million-grant-from-Truist-Foundation-to-support-expansion-into-South-Georgia
12. Press Release. “Founding President & CEO of ACE | Access to Capital for Entrepreneurs Grace Covington Fricks to Retire. Martina Edwards to assume lead as new President & CEO.” August 14, 2024. Accessed December 14, 2024. https://aceloans.org/wp-content/uploads/2024/08/Grace-Fricks-to-retire-from-ACE-media-release-2024_FINAL.pdf
13. “Grace Fricks Bio.” Accessed to Capital for Entrepreneurs. Accessed December 14, 2024. https://aceloans.org/wp-content/uploads/2024/05/Grace-Fricks-Bio-flyer-2024.pdf
14.  “Who Are We.” Access to Capital for Entrepreneurs. Accessed December 14, 2024. https://aceloans.org/who-we-are/