ACE has received $500,000 from the Department of Treasury’s CDFI Fund to provide loans to supermarkets and food retail outlets in downtown areas considered “food deserts.” The loans will be used to add fresh food inventory and make improvements that will increase resident choice.

The competitive funding was sought after the Food Trust of Philadelphia completed a study on food access throughout the state. Food for Every Child concluded that many Atlanta neighborhoods have few or no supermarkets within a reasonable travel distance. The Center for Disease Control and Prevention ties this lack to childhood obesity, and indeed, Georgia ranks second in the nation for percent of children who are obese.

“ACE’s loan fund is a key piece of the puzzle to addressing this issue,” said John Bare, Vice President for the Arthur M. Blank Family Foundation. “It will provide needed capital to support new or existing businesses that want to offer fresh food options.” The Atlanta Falcons Youth Foundation, a Blank Foundation program, provided funding to support the Food Trust’s Georgia study.

Funds will be available January 1, 2012, Fricks said.

Fricks joined 125 economic development leaders, farmers, and small business owners participating in a session aimed at boosting capital access, hiring, and innovation in rural America.

Fricks, a member of the Appalachian Regional Commission’s (ARC) Capital Advisory Committee, was part of a roundtable discussion led by Interior Secretary Ken Salazar.

The group discussed how to create jobs in tourism while balancing conservation concerns.

“That’s an important issue for us in North Georgia,” Fricks said. “The Appalachian Trail and National Forest draw a lot of visitors. We want to maintain quality of the experience while supporting small businesses and job creation.”

President Obama announced several new initiatives at the forum, including a $1 billion impact investment in the Small Business Administration’s (SBA) Small Business Investment Company program and a joint SBA and U.S. Department of Agriculture venture capital outreach program for small rural businesses.

Picture: Grace Fricks with Mayor Roy D. Buol of Dubuque, Iowa.

ACE was one of 21 CDFIs from around the country chosen to participate in the Goldman Sachs 10,000 Small Businesses CDFI Growth Collaborative. This collaborative is a $500 million initiative that will unlock the growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, mentors and networks and financial capital. Through a three-year learning network the Growth Collaborative will help ACE develop capacity and knowledge to grow and stimulate small business growth in Georgia. CDFIs, like ACE, provide loans and support to businesses unable to access other sources of credit.

On May 12, 2011, Susan Sarver, FINRA Foundation, and Inger Giuffrida, consultant for United Way Worldwide, met with financial literacy staff and program participants in Gainesville. Of twelve national grantees, ACE was the only one utilizing a behavioral approach to financial education, Ms. Giuffrida said. ACE was funded in 2010 for a two year financial literacy program by FINRA and United Way Worldwide.

The program, titled Creating a New Money Script for Your Life, was designed by Elizabeth Penney and Tara Gray of ACE, based on work by financial planner Rick Kahler. The three-part series, which draws from the Ebenezer Scrooge story, leads participants through an exploration of ingrained money attitudes and facilitates a process of change. Ninth District Opportunity, a 20-county community action agency, is partnering with ACE to offer the program in Hall and Gwinnett counties. Instructors Dolores Sherman and Alex Allens, as well as planning group members and program attendees, participated in the review session. To date, six series have been held. Other community partners include Goodwill, the Assembly of God and thePartnership Against Domestic Violence. For more information about the program, contact Elizabeth Penney at penney@aceloans.org or 770-718-8992.On May 12, 2011, Susan Sarver, FINRA Foundation, and Inger Giuffrida, consultant for United Way Worldwide, met with financial literacy staff and program participants in Gainesville. Of twelve national grantees, ACE was the only one utilizing a behavioral approach to financial education, Ms. Giuffrida said.  ACE was funded in 2010 for a two year financial literacy program by FINRA and United Way Worldwide.

The program, titled Creating a New Money Script for Your Life, was designed by Elizabeth Penney and Tara Gray of ACE, based on work by financial planner Rick Kahler. The three-part series, which draws from the Ebenezer Scrooge story, leads participants through an exploration of ingrained money attitudes and facilitates a process of change. Ninth District Opportunity, a 20-county community action agency, is partnering with ACE to offer the program in Hall and Gwinnett counties. Instructors Dolores Sherman and Alex Allens, as well as planning group members and program attendees, participated in the review session. To date, six series have been held. Other community partners include Goodwill, the Assembly of God and the Partnership Against Domestic Violence. For more information about the program, contact Elizabeth Penney at penney@aceloans.org or 770-718-8992.

A loan from ACE made her business expansion dreams a reality. Elizabeth, a RN who also holds an MBA, moved to a 1,100 square foot location at 1527 Church Street in Decatur, right near DeKalb Medical Center. The loan paid for space renovations and the addition of inventory. “We get walk-ins here,” she said. “Every month we’re doing better and better.” Elizabeth has also been able to add hours for her two employees.

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By providing her with a loan and assisting her with every facet of starting and running a business, she says she now has the “confidence to carry out and excel at each type of new project that comes along.” Ace’s continuing support and interest drive me to become the very best photographer and business owner that I can be,” she says.

When Nada began a year ago, she had one client, a catalog mail order company that used four of her product photos. This same company published 130 of her product images in their current issue and she is scheduled for a cover shot soon. She has also delved into design and has created brochures, business cards, greeting cards and realty flyers. Her most recent product is portraiture and the sale of fine art prints. A photography book may be in her future! “When I stopped letting the fear of what if rule my life and began believing anything is possible with the wonder of what happens when you allow it, life became infinitely more bright and beautiful. And I just know in my heart that I can do anything I want! Life is good,” she says.

Aptly named “Homestead,” Lyndon started a center exclusively for women who are wishing to recover from drug and alcohol addictions.  Homestead provides its residents with the hope and will-power to start fresh with their lives.  “We can only help them, if they want to make it,” says Lyndon.  They can stay here for up to a year and then transfer to a ¾ house”, a facility she and her husband will be setting up in one of the cabins on the property.

With personal funds and an ACE loan, a dream has become a reality for Sandy Lyndon.  ”Please tell Sandy [Sandy Headley, ACE's Vice President of Lending] and her team how grateful I am for their help,” Lyndon comments.  “When I met her, after all the phone calls and e-mails, I felt she had become a very good friend.  They are all so nice, easy to work with and very encouraging.  We could not have done this without their help.”
 
Homestead is located in Clarkesville, and may be contacted at 706-754-3367. Its web site will soon be up at www.homesteadrecovery.com.

What’s their secret? Pay fair wages and treat employees with respect and dignity. Help them learn to speak English and file legal documents. Teach them about the American financial system. Sergio and Laura are respected in the eyes of the non-Hispanic community as leaders and serve as an informal employment network, providing both employers and potential employees with leads. Many Hispanics have found jobs through the efforts of Sergio and Laura.

• 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.

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.

ACE will file a UCC1 blanket lien on the business assets, inventory, fixtures and equipment.

Basic documents required for your application include:

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