Atlanta, GA — Wells Fargo is providing a $2.8 million investment to help spark small-business growth and job creation in Georgia. Loans will be available through nonprofit partner Access Capital for Entrepreneurs, or ACE.
ACE will leverage the $2.8 million into nearly $30 million in loans for at least 250 small businesses and help create and retain 500 new jobs.
Representatives say the loans will be available for small-business owners like Pam Baker. Baker started doing taxes in high school at 16 years old and opened her first tax office in 1999. Now, she is an H&R Block franchise owner and recently expanded her business to a new location in Southwest Atlanta.
Baker said the move would not have been possible without the help of ACE.
“They helped me fund all of the computers and the new furniture that I needed to expand," Baker said. “Which basically allowed me to continue operations without having a nervous breakdown.”
As a nonprofit community lender, ACE provides loans and coaching to small businesses and entrepreneurs throughout Metro Atlanta and North Georgia.
“We really focus on giving people a chance when others can’t or won’t, and what that really means is we have a focus and target on undeserved communities and people,” said Martina Edwards, ACE chief of strategic partnerships.
Edwards said they target small-business owners who are often unable to secure a loan through a traditional bank.
The Wells Fargo investment signals a three-year commitment with ACE.
ACE will also partner with Morehouse College Innovation and Entrepreneurship Center to offer training and management coaching.
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