Mackenzie Scott Donates $10 Million to Boost Black and Minority Small Business Owners Through Georgia Nonprofit ACE

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Philanthropist’s Gift Aims to Bridge Racial and Gender Wealth Gaps

Mackenzie Scott, renowned philanthropist and billionaire, has made a substantial donation of $10 million to Access to Capital for Entrepreneurs (ACE). This Georgia-based nonprofit focuses on supporting small businesses, particularly those owned by people of color and women.

The donation, received in August, will significantly bolster ACE’s ability to fulfill its mission. Grace Fricks, founder and CEO of ACE, expressed her surprise and gratitude for the unexpected windfall. “This came completely out of the blue,” she remarked, highlighting the impact of their work.

ACE’s Track Record: Empowering Entrepreneurs Across Georgia

Since its inception in 1997, ACE has been a powerful force in Georgia’s small business landscape. The organization has distributed an impressive $200 million in loans, with 60% going to Black entrepreneurs.

ACE’s reach extends beyond financial support. They provide crucial coaching and connections to help entrepreneurs thrive. This comprehensive approach has allowed them to assist over 2,600 small business owners across Georgia.

Strategic Plans: Expanding Impact with New Funding

With this new injection of funds, ACE has set ambitious goals for the next five years. They aim to support 1,500 small businesses and lend $300 million. Additionally, they plan to provide 100,000 hours of business advisory services.

This strategic plan underscores ACE’s commitment to reducing wealth disparities. By focusing on entrepreneurs of color and women, they’re actively working to close gender and racial wealth gaps.

Mackenzie Scott’s Ongoing Support for Georgia Initiatives

This isn’t the first time Scott has shown support for ACE. In 2020, she donated $5 million to help the organization extend its services to Georgia business owners. Her consistent backing demonstrates a long-term commitment to fostering economic growth and equality in the region.

Scott’s philanthropy extends beyond ACE. She has also made significant donations to HBCUs in the Atlanta area, further cementing her role in supporting diverse communities and institutions.

Looking Ahead: Celebrating Success and Future Growth

As ACE prepares to put this new funding to use, they’re also gearing up to celebrate their achievements. The 2024 ACE Annual Awards, scheduled for September 19, will showcase the impact of their work and the success stories of the entrepreneurs they’ve supported.

This latest donation from Mackenzie Scott not only recognizes ACE’s past accomplishments but also propels them into a future of even greater impact and service to Georgia’s diverse business community.