September 10, 2024
Mackenzie Scott Donates $10M To Nonprofit Helping Small Businesses In Georgia
The money was donated to Access to Capital for Entrepreneurs (ACE) as they continue to help small business owners, primarily of color.
Mackenzie Scott continues to donate her billions to good causes. The philanthropist has given $10M to a nonprofit in Georgia that helps small businesses.
Access to Capital for Entrepreneurs (ACE) received the crucial funding in August. With this new financial cushion, the Georgia organization can fulfill its mission to help small businesses thrive. Its founder and CEO, Grace Fricks, spoke of the lofty donation and the “social impact” that led to it.
“This is a testament to the social impact of the work ACE does, and does well,” said Fricks, as reported by Metro Atlanta CEO. “This will absolutely propel ACE to the next level.”
She added, “This came completely out of the blue. We’re proud of the accomplishments of each of our clients — the more than 2,600 small business owners across Georgia who’ve received ACE’s affordable loans — and grateful for this recognition of the ACE team’s hard work.”
Frick, who will retire at the end of 2024, founded the nonprofit in 1997 to help the rural population of North Georgia. However, it has since expanded to help minority entrepreneurs within and beyond the metro Atlanta area.
Since its inception, ACE has distributed $200 million in loans, 60% of which have been given to Black entrepreneurs. Through capital, coaching, and connections in its mission, ACE primarily helps entrepreneurs of color, low-income business owners, and women business owners.
The initiative provides this funding to reduce the gender and racial wealth gaps. Moreover, it creates jobs and opportunities for its clients while boosting its financial backing and collaborating with local organizations.
With this new funding already available for use, ACE expects to help 1,500 small businesses in its five-year strategic plan. The money will aid in their quest to lend $300 million to these companies and provide 100,000 hours of business advisory services.
However, this is not the first time Scott has supported its endeavors. In 2020, ACE received $5 million from the philanthropist’s foundation to extend its services to Georgia business owners.
Scott continues to redistribute her wealth to a wide range of institutions and organizations, including HBCUs in the Atlanta area. The nonprofit will celebrate this year’s efforts at the 2024 ACE Annual Awards on Sept. 19.