This Georgia CDFI specializes in startup financing, but comes with an upfront fee.

Access to Capital for Entrepreneurs (ACE) is a community development financial institution (CDFI) that serves the North Georgia and Metro Atlanta business communities. As a nonprofit, it aims to boost the economies of the areas it serves by providing affordable capital with flexible requirements.
However, your personal finances must be in good standing to qualify. And you’ll have to back your loan with collateral or a personal guaranty.

$15,000

Min. Amount

$50,000

Max. Amount

Details

 

Product Name ACE small business loans
Min. Amount $15,000
Max. Amount $50,000
Loan Term 3 months to 6 years
Min. Credit Score 600
APR Varies
Requirements Georgia resident, 600+ credit score, history of on-time repayments, outside source of income for businesses less than six months old, eligible industry

Application Criteria

  • 600 credit score or higher
  • Based in North Georgia or Metro Atlanta
  • Outside source of income for startup owners
  • Eligible industry
  • Able to back loan with collateral
  • History of good standing on all debts

First, do I qualify?

You must meet the following requirements at a minimum to be eligible for a small business loan from ACE.

  • 600 credit score or higher
  • Based in North Georgia or Metro Atlanta
  • Outside source of income for startup owners
  • Eligible industry 
  • Able to back loan with collateral
  • History of good standing on all debts

In addition to backing the loan with collateral, all owners with more than a 20% stake in the business are required to back the loan with a personal guaranty. This means you’re responsible for repaying the debt if your business folds. Keep in mind that you might have to meet additional requirements to receive this loan.

What makes ACE small business loans unique?

As a CDFI lender, ACE small business loans are designed specifically to help members of the community it serves. Nearly 90% of its borrowers come from a financially underserved population, and around 80% are located in the Metro Atlanta area. It also makes a point to work with underrepresented populations in the business community, such as black, hispanic and women entrepreneurs.

With no revenue or time-in-business requirements, it’s one of the few business loan options available to startups in the area.

Pros

  • Startup funding available
  • Fair credit OK
  • No hard revenue requirements

Cons

  • Doesn’t disclose rates online
  • $50 application fee before you can apply
  • Requires collateral

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