Bank and nonprofit share goals.
Along with providing loans and investments to local small businesses, Cadence Bank offers affordable housing lending options and joins forces with nonprofits and community developers through grants and direct investments that contribute to economic revitalization.
“In June, we awarded a $15,000 grant to Access to Capital for Entrepreneurs, Inc. whose mission of granting loans to entrepreneurs aligns well with the bank’s,” says John Jackson, Atlanta division president with offices on Pharr Road.
“We’re all about engaging and understanding the needs of communities and encouraging our employees to volunteer,” he says.
ACE, the largest small business centered community development loan fund in Georgia, is laser focused. “Our ‘secret sauce’ is providing capital, coaching and connections to help entrepreneurs acquire financial acumen” says Grace Fricks, president and CEO. “The grant will go toward our business advisory services.”
The nonprofit was founded by Fricks in 1997 while she was on the board of North Georgia Technical College. “There were students in the entrepreneurial program who couldn’t qualify for small bank loans, and we had access to $50,000. I was fascinated with the idea that we could do something different with capital that has a social impact.”
ACE has provided $135 million to 2,000 small businesses.
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