News Summary

Billionaire philanthropist MacKenzie Scott has made a significant impact on Georgia’s entrepreneurial community by donating $10 million to Access to Capital for Entrepreneurs (ACE). This generous gift will help ACE support small businesses, particularly those owned by entrepreneurs of color and women, through affordable loans and business advisory services. The donation comes at a crucial time as ACE prepares for its annual awards event, and it aims to enhance job creation and economic development across the state.

Exciting News for Georgia Small Businesses!

In an exciting development for the entrepreneurial community in Georgia, billionaire philanthropist MacKenzie Scott has generously donated a whopping $10 million to Access to Capital for Entrepreneurs (ACE), a nonprofit devoted to helping small businesses thrive. This heartwarming gift, made in late August 2024, is set to create waves of opportunity and support for small business owners across the state. The funds are ready for use right away, meaning that ACE can kickstart its ambitious goals sooner rather than later.

What is ACE All About?

For those unfamiliar, ACE has been a vital lifeline for small businesses in Georgia for the past 24 years. With a mission focused on providing financial support primarily to entrepreneurs of color, women, and those from low-income backgrounds, ACE has successfully assisted over 2,600 small business owners with affordable loans. Since its inception in 1997, the organization has disbursed an impressive $200 million in loans, with a substantial 60% going to Black entrepreneurs. This new infusion of cash from Scott is being received as a true game changer.

Ambitious Plans Ahead

The generous donation will help ACE implement its ambitious five-year strategic plan, which aims to bolster support for about 1,500 small businesses across Georgia. That’s right—1,500! The organization is setting its sights high, planning to lend a staggering $300 million to these businesses while providing over 100,000 hours of business advisory services. This means that aspiring and established entrepreneurs alike will have more resources at their fingertips, offering them a real chance to grow and succeed.

A Surprise Gift

Grace Fricks, the founder and CEO of ACE, recently shared that this donation was quite unexpected. The infusion of funds comes as ACE gears up for its upcoming annual event, the 2024 ACE Annual Awards, scheduled for September 19. This event will celebrate the incredible achievements of the small business owners ACE has helped, showcasing their success stories and the vital role of community support.

MacKenzie Scott’s Altruism

MacKenzie Scott is known for her philanthropic approach. Since 2019, she has contributed over $16 billion to various causes, demonstrating a commitment to making a meaningful impact in communities across the United States. This isn’t the first time ACE has enjoyed her support, as she had previously donated $5 million to the nonprofit back in 2020. Scott is also a proud signatory of The Give Pledge—a commitment made by billionaires to donate the majority of their wealth, reflecting her deep-rooted belief in giving back to society.

Supporting Georgia’s Economy

This latest donation is expected to greatly enhance ACE’s ability to create jobs and stimulate opportunities for small business owners throughout Georgia. When small businesses succeed, the ripple effects positively impact the entire local economy. More jobs mean more growth, which ultimately strengthens the community as a whole.

As the business landscape continues to evolve, support from nonprofit organizations like ACE is crucial for those at the helm of small businesses trying to navigate the waters of entrepreneurship. With MacKenzie Scott’s generous support, there is renewed hope and excitement in the air for countless entrepreneurs looking to make their dreams a reality. Georgia’s small business community is undoubtedly in for an inspiring journey ahead!

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Author: RISadlog

Tagged Georgia business news, Georgia charities, Georgia economy, Georgia investment opportunities, Georgia startup ecosystem, Georgia startups

MacKenzie Scott Donates $10 Million for Georgia Small Businesses