ACE³ Microfinance Loans

What is ACE³?   The ACE³ program is an experiential student-run program administered by the Institute for Banking and Finance (IBF) at the University of Evansville and funded by Old National Bank (ONB).

MISSION: The mission of ACE³ is to support the launch and growth of Women and Minority Owned Businesses (W/MBE), Disadvantaged Business Enterprises (DBE), and Small Disadvantaged Business Entities in the Evansville area, while engaging UE students through real-world applications of the concepts and skills taught in UE’s Schroeder School of Business.

ACE³ will pursue this mission as three components:

  • Micro loans for Women and Minority Owned Businesses (W/MBE), Disadvantaged Business Enterprises (DBE), and Small Disadvantaged Business Entities, administered by UE students under the supervision of the Institute for Banking and Finance.
  • Executive mentors assist borrowers in the implementation and evaluation of their business plans.
  • Coursework for UE students who will promote, administer, monitor, and report on the loan fund.

Who Can Apply for a Loan?

Any new or existing business in the Evansville area that meets the criteria to be certified as a Women and Minority Owned Businesses (W/MBE), Disadvantaged Business Enterprises (DBE), and Small Disadvantaged Business Entities can apply for a loan from ACE³.

How Does the Loan Process Work?

  1. Interested borrowers should contact ACE³ at 812-488-2863 or cb455@evansville.edu to schedule an appointment to meet with the ACE³ coordinator and a student loan consultant from the ACE³ class.
  2. Applicants invited to do so, will then submit a loan application, business plan, and other loan documents to ACE³ for review by the student loan consultant, the ACE³ coordinator, and ONB representative.
  3. Borrowers with approved loan requests will meet with their executive mentor to review their business plan and discuss initial implementation. Subsequent to this meeting, the loan will be funded.
  4. Borrowers will meet regularly with student loan consultants and with their executive mentor to review financials and progress on their business plan.

What Are the Loan Terms?

Amount Up to $10,000
Term Up to 5 years
Rate Level monthly payments of principal and interest sufficient to amortize the balance upon maturity. In certain conditions, the ACE³ team might grant the borrower a grace period of up to six months of interest only payments due monthly.
Late Fee
  • A late $25 fee will be applied to payments not received within ten days of the due date.
  • A 2% increase on the interest rate will be applied 75 days after any delinquency.
Collateral To be determined based on the loan request; usually a blanket lien on business assets
Requirements
  • Credit Report, W/MBE Certification, Business Plan, and other documents, as needed
  • Remain current on loan payments
  • Meet with mentor according to agreed upon schedule
  • Provide financial reports to ACE³ on agreed upon schedule
Old National Bank logo
University of Evansville logo

Office Phone:
812-488-2851

Office Email:
sh55@evansville.edu

Office Location:
Room 152, Schroeder School of Business Building