Funding for small business is expanding

Organizations across Georgia are working to improve access to capital for small and diverse businesses. According to the U.S. Department of Commerce, minority-owned businesses are more likely to forgo applying for loans for fear of rejection, less likely to receive them when they do apply, and more likely to pay higher interest rates on business loans compared to their non-minority counterparts. One tool they are using to increase loan outcomes are CDFIs.

What is a CDFI?

The Community Development Financial Institutions (CDFIs) are mission-driven financial institutions that have been certified by the U.S. Department of the Treasury's CDFI Fund. CDFI’s include credit unions, banks, loan funds, and venture capital funds with a primary mission of serving low-income communities.

CDFIs in Georgia

The potential for CDFIs to support diverse businesses in Georgia has increased recently in part to support from federal and private sector investments. This year, the Georgia's State Small Business Credit Initiative is expanding its partnership with lenders after its program received $200 million in federal funds; $60 million being allocated to the CDFI program.

Additionally, private institutions are stepping forward to help community-focused lenders and their missions. Organizations like Georgia Power have been longtime partners of Access to Capital for Entrepreneurs, ACE. From 2020-2022 the Georgia Power Foundation awarded $1M to support CDFIs including ACE, and recently Truist Foundation has gifted ACE with its largest grant to date - $3.75 million.

About ACE

Access to Capital for Entrepreneurs (ACE) is a non-profit that catalyzes entrepreneurial growth through financing and education. Over the past twenty years, ACE has grown to be one of the largest non-profits in Georgia; providing $169+ million in loans. In 2021, 90% of ACE’s loans were to members of under-served populations, low-to-moderate income, African American, Hispanic, and/or women-owned businesses.

The grant from Truist will help ACE expand their funding and business support services in South Georgia. Find resources like ACE and other statewide providers focused on small and minority-owned businesses at GrowGeorgia.com.

Find Funding Programs in Georgia

Interview with Kevin Pullen - " We are all people, of all colors"

Entrepreneurs like Kevin Pullen in Brunswick, GA and others are using the arts as a catalyst for cultural understanding, connectivity, and empathy for one another. Recently, our team had the opportunity to sit down with Pullen to discuss his newest project, Colors.

“Colors came about when someone asked me about my vision for what I do as an artist. I had spoken to the idea of having an African American museum, a heritage and cultural center, but I don't want to be a museum of Black people by Black people and for Black people, because that defeats the purpose of having the institution,” shared Kevin. During our time with Pullen, he emphasized the value of sharing experiences to strengthen cultural ties in a community.

“If you really don't know me and my culture, or I really don't know you and your culture, then it’s easy to take license to hate you, to prejudge you, to do all those other things. If I do know you, I revoke that license.”

Learn more about Pullen’s Colors and how he and other Brunswick entrepreneurs are using arts and culture to grow communities.

Kevin Pullen's Colors

Youth entrepreneurship education is expanding in Savannah region

The Savannah Metro Hispanic Chamber of Commerce is excited to share its new partnership with the Young Entrepreneurs Academy (YEA!). YEA! is a groundbreaking class that transforms students between the ages of 11 and 18 into real, confident entrepreneurs. Students develop ideas, write business plans, pitch their plans to a panel of investors for funding, and launch their own legally registered, fully formed companies and social movements in less than one hundred hours.

The Chamber is seeking support for business mentors and sponsors for its first YEA! class.

More about YEA!