Frequently Asked Questions

Small business owners who have little or no credit history, poor credit history or no traditional collateral such as a house, land, annuities, savings account, etc. will not be able to get a loan from a bank today. However, ACE can help these business owners to become a traditional banking customer tomorrow.

• ACE can pair you with a Money Mentor.
• ACE offers financial education.
• ACE offers business networking opportunities.
• ACE offers an annual review of your business plan and financials with a team of experts including bankers, accountants and other successful business owners.
• ACE offers a free monthly newsletter that often features ACE borrowers.
• ACE helps hard working, persistent business owners to build their assets

• Make your payments on time through electronic funds transfer.
• Provide annual financial statements. ACE will help you with these statements.

We also encourage you to be active in ACE opportunities and participate with other small business owners to help grow the business community.

ACE is interested in any viable small business. ACE has loaned to home-based businesses, tourist businesses, service businesses, retail businesses, technology businesses and more.

You may qualify for a loan if you meet the following criteria:

• If you live or your business is located in one of these North Georgia counties:

Banks, Barrow, Bartow, Carroll, Catoosa, Chattooga, Dade, Dawson, Elbert, Fannin, Floyd, Franklin, Gilmer, Gordon, Gwinnett, Habersham, Hall, Haralson, Hart, Heard, Jackson, Lumpkin, Madison, Murray, Paulding, Pickens, Polk, Rabun, Stephens, Towns, Union, Walker, Whitfield and White.

• Don’t have access to traditional financing 
• Agree to participate in business training and networking opportunitie

If you prefer not to use the online application, download and print the MS Word or PDF version and fax to 706-219-4976, or mail the completed application to Appalachian Community Enterprises, 54 Twin Lakes Rd., Cleveland, GA  30528. If you need help, call us toll free (877) 434-6609.

Loans typically range between $500 and $50,000. However, your approved amount is based on the feasibility of your business plan and on the amount approved.  We offer the following loans.

• Credit Builder Loan ($500)

This business loan is available to those who have NO established credit and wish to establish credit. An applicant must have the capability to pay monthly payments. Collateral may be required and these loans will be issued based on a case-by-case basis. Once you have established a positive payment history, you can reapply for additional loan funds providing you meet ACE requirements.  Applicants are required to participate in a short seminar on money management.

• Short Term Loan ($500 - $1500)

This loan is typically used for the purchase of office equipment or working capital. This loan will be issued for a maximum of 12 months. An applicant must have the capability to pay monthly payments. Collateral may be required and these loans will be issued on a case-by-case basis.

• Business Start-up Loan ($1,500 - $10,000)

This loan is available to those who wish to start a business or already have a business but have been in operation for less than one year. After you have established a positive payment history and have had your loan with us for one year, you can reapply for additional loan funds. Applicants will be required to submit a business plan, cash flow projections and income statements.

• Micro-loan ($10,000 - $35,000)

This loan is available for business expansion for businesses that have been in operation for more than one year. This loan can be used for working capital, purchasing inventory and equipment. Collateral may be required. Applicants will be required to submit a business plan, balance sheet, cash flow projections and income statements.

• Small Business Loan ($36,000-$50,000)

This loan is available to those expanding an existing business that has been in operation for at least 2 years. Traditional collateral is required for this type of loan. The collateral value must be at least 80% of the loan amount. Applicants will be required to submit a business plan, balance sheet, cash flow projections, income statements and business and personal tax returns for the previous 2 years.

The loan can only be used for expanding an existing business or starting a new one. ACE does not loan money to pay off personal debts or expenses or to businesses engaged in illegal activities, speculation, gambling, or investment.

You may be asked to pledge some form of collateral such as a house, land, car, or inventory and equipment purchased with the loan money.

The interest rate is market-based and depends on your credit rating, collateral and feasibility of your business plan or the viability of your current business.  Interest rates on all loans are based on the Wall Street Journal prime rate. Depending on risk evaluation, between three and nine percentage points will be added. (For example, if the prime rate is 5.00 then ACE will charge between 8% and 14% per year.)The terms of the loan depend on the amount borrowed. For example, a $5,000 loan is typically financed for 3 years.

There is a one-step approval process for the Credit Builder Loan and the Short Term Loan. Fill out the online application and a representative will contact you within 2 business days. Applicants for the Credit Builder Loan are required to participate in a short seminar on money management. Check the Networking Calendar for upcoming seminars.

For all other loans, there is a two-step approval process. First, fill out an application and a representative will contact you within 2 business days regarding pre-approval. We will then invite you to submit a business plan, cash flow, balance sheet and income statement. After reviewing this information, we will make a site visit; afterwards, we will let you know if your loan has been approved. This process requires a minimum of one week depending on how long you need to complete your business plan and other financial statements.

ACE is not only interested in lending you money, ACE is interested in the success of your business. The business plan process ensures that you think strategically about your business, your commitment to your business and your business goals.

The business plan need not be elaborate, but it must thoroughly describe the product or service, and the marketing, operation and management plans for your business. In addition to this written portion, it must also contain a financial projection of cash flow for one year as well as a balance sheet and income statement. Begin by following the business plan outline. If you need help with the plan – and most people usually do – see the small business resources list on this website.

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