Frequently Asked Questions

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).

• Can pair you with a business mentor through MicroMentor at no cost
• Provides access to a variety of financial education opportunities and webinars
• Provides a free monthly newsletter that features its clients
• Offers a vast array of business development services to assist entrepreneurs

• 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

• Gambling
• Adult Entertainment
• Investment Companies
• Pyramid or Multi Level Marketing Businesses

Any small business owner or entrepreneur within our service area.

Our loan application is available on line. From our website, click the link to apply for a loan and follow the instructions. Or click here for quick access to the application.

You will not be eligible for a loan if you fail to meet any of the following criteria:
(This does not apply to Save & Sustain Commercial Energy Efficiency Loans; please contact Matt Ryder at Ryder@aceloans.org for more information regarding the Save & Sustain Program.)

• Minimum credit score of 550.
• Free of active bankruptcies for the last six months.
• Free of foreclosure for the last twelve months.
• Mortgage and rent payments for home and business must have been paid on time for the last six months.
• 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, which 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.

Yes, we require a personal guaranty on our loans.

We offer small business and Save and Sustain energy efficiency loans up to $50,000.

The loan funds can be use for expanding an existing business, startup businesses, working capital and startup capital.

The loan funds can not be used solely to payoff personal debt or credit card debt, for personal expenses, or for the purchase of real-estate.

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.

ACE needs to have collateral to secure the loan. This loan is not a grant. If for some reason you can not pay the loan, ACE will need to be repaid. Also, 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.

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.

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

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

Documentation varies depending on the loan amount and whether it is a startup or existing business.

Basic documents required for your application include:

A well-written business plan improves your probability of success by helping you evaluate the feasibility of your business idea in an objective way. The plan is much like a road map for your business and helps you identify opportunities, avoid mistakes, and develop production, administrative and marketing plans, as well as budget guidelines. The plan also serves as the foundation for your funding proposal and provides lenders and investors essential details about your operation, financial strategy and the amount and type of financing your venture requires. To see an example of a business plan, visit our business resource page.

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.sbdc.uga.edu.

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.

To donate click the donate button.

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. You can also use the link above to make a donation online.

To donate click the donate button.