ACE (Access to Capital for Entrepreneurs)) is working with SB Friedman Development Advisors to apply for New Market Tax Credit (NMTC) allocation. This allocation will help extend ACE’s service offerings to diverse communities and support economic growth and development for businesses in underserved areas of Georgia. To that end, they are reaching out to regional partners and stakeholders who may have valuable insights into community development initiatives or minority-owned small businesses that need additional funding.
The application for NMTCs is expected to be submitted in Q4 2023 with subsidy awarded next year - meaning ACE would be able to further support Georgia businesses and projects with a forgivable loan.
Right now, we are calling on our partners and diverse founders for suggestions on projects and employer businesses (companies that employ more than the founder) that may be eligible for this type of funding. In terms of projects, ACE has identified some ideal characteristics that can support their application for NMTC.
This includes:
- Projects located in low-income census tracts in Georgia - we can confirm NMTC eligibility with an address.
- Special investment focus for projects in rural areas and South Georgia
- Project size $2M+
- Timeline: 2024, 2025, 2026
- Project Type: A real estate, working capital, or equipment project. New construction, rehab, or tenant improvements are all fine. Looking to fill financing gaps with NMTC subsidy.
- Target Asset Classes: Commercial goods/services or industrial (but can be flexible)
- Impact Type: Minority owned/controlled businesses OR projects that provide quality & accessible jobs.
If you have any projects or proposals, or other information that you can share with ACE, or if you would be open to a quick call to discuss potential projects, they would greatly appreciate your support.
To recommend a project, or learn more about ACE services, please contact Chris Clay at clay@aceloans.org
