Billionaire philanthropist Mackenzie Scott continues her impactful mission of redistributing wealth with a new $10 million donation to Access to Capital for Entrepreneurs (ACE), a Georgia-based nonprofit that helps small businesses thrive.
The crucial funding, received in August, empowers ACE to expand its efforts to support underserved entrepreneurs across the state, particularly those owned by entrepreneurs of color, women, and low-income individuals.
Grace Fricks, founder and CEO of ACE, described the donation as a “game changer” for the organization. “This is a testament to the social impact of the work ACE does, and does well,” Fricks said. “This will absolutely propel ACE to the next level.”
She added that the donation was a surprise, coming “completely out of the blue.” Fricks, who is set to retire at the end of 2024, reflected on ACE’s journey, expressing pride in the organization’s success and the more than 2,600 small business owners it has supported with affordable loans since its inception in 1997.
Initially focused on helping the rural population of North Georgia, ACE has grown to become a cornerstone for underserved entrepreneurs within and beyond the metro Atlanta area. The nonprofit’s impact is particularly notable among Black entrepreneurs, who have received 60% of the $200 million in loans ACE has distributed since its founding.
This latest donation from Scott strengthens ACE’s ability to further its mission. With the new financial backing, the organization has set an ambitious five-year strategic plan that aims to support 1,500 small businesses.
The funding will also fuel ACE’s efforts to lend $300 million to Georgia entrepreneurs and provide 100,000 hours of business advisory services to help businesses succeed.
Mackenzie Scott showing support to ACE isn’t new. In 2020, her foundation donated $5 million to extend the nonprofit’s reach, helping more Georgia business owners access vital resources. The continued backing underscores Scott’s commitment to supporting a diverse range of causes, including minority-led small businesses and institutions such as HBCUs in the Atlanta area.
As ACE celebrates this incredible milestone, the organization is set to host its 2024 ACE Annual Awards on September 19, further recognizing the accomplishments of the small businesses it serves.
Fricks sees the $10 million donation as a catalyst for the organization’s next chapter, positioning ACE to create even more jobs and opportunities while boosting Georgia’s economy.
Thanks to Scott’s generosity, ACE’s future looks brighter than ever, with the potential to keep reshaping the landscape for small business owners in Georgia.
About Post Author
