ACE³ Microfinance Loans
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?
- Interested borrowers should contact ACE³ at 812-488-2863 or email@example.com to schedule an appointment to meet with the ACE³ coordinator and a student loan consultant from the ACE³ class.
- 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.
- 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.
- 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.|
|Collateral||To be determined based on the loan request; usually a blanket lien on business assets|