DeKalb government replaces small business loan company


DeKalb County commissioners recently hired a different company to give federally funded loans to small businesses.

The DeKalb Commission voted unanimously May 9 to contract with Access to Capital for Entrepreneurs (ACE), a nonprofit organization founded in Cleveland, Ga.

DeKalb officials stopped doing business with the county’s previous small business loan company, DeKalb Enterprise Business Corporation (DEBCO), in part because the company didn’t collect at least $762,000 it had loaned since 2000. The company has changed its name to Developing Entrepreneurs, Businesses and Communities.

ACE will distribute small business loans worth up to $35,000 each, with interest rates below 5 percent, to be repaid in seven to 10 years.

ACE’s contract is worth $450,000, funded entirely by the the U.S. Department of Housing and Urban Development. The budget for small business loans is $360,000; the remaining $90,000 pays for ACE salaries, loan closing services and other administration costs. The contract carries no cost to DeKalb.

DEBCO wrote off 32 percent of the 76 loans it made from 2000 to 2014, according to the county.

ACE has a 2.5 percent default rate, said Maria Peck, director of the company’s Women’s Business Center, at an April 25 DeKalb committee meeting.

In other DeKalb news:

MYAJC.COM: REAL JOURNALISM. REAL LOCAL IMPACT.

The AJC's Mark Niesse keeps you updated on the latest happenings in DeKalb County government and politics. You'll find more on myAJC.com, including these stories:

Never miss a minute of what's happening in DeKalb politics. Subscribe to myAJC.com.


Reader Comments ...


Next Up in Local

Oklahoma man cleans Tulsa streets to ‘right his wrongs’
Oklahoma man cleans Tulsa streets to ‘right his wrongs’

A homeless man in Oklahoma is cleaning the streets of Tulsa in order to “right his wrongs,” according to police. >> Read more trending news Officer Popsey Floyd posted the story about Brian Freeman, aka Cleaner, on his Facebook page Wednesday. Floyd said that officers observed a line of trash bags on a Tulsa street and tracked down...
Antoinette Tuff’s son challenges negative portrayal in memoir
Antoinette Tuff’s son challenges negative portrayal in memoir

Derrick Tuff’s life began the way a lot of premature babies do — fraught with uncertainties. He was diagnosed with Charcot-Marie-Tooth disease, a rare but devastating inherited disorder affecting nerves in the hands, arms, feet and legs. He also had retinopathy of prematurety, a disease that causes abnormal blood vessels to grow in the...
Close to Home for July 29
Close to Home for July 29

Stone Mountain Yard Sale for Refugees Stone Mountain Yard Sale for Refugees. 8 a.m. to noon Saturday. Rock of Ages Lutheran Church, 5135 Memorial Drive, Stone Mountain. All proceeds will benefit Lutheran Services of Georgia’s Refugee and Immigration Services programs. rbutcher@lsga.org. Southeast Homeschool Expo in Cobb Southeast Homeschool Expo...
Reward offered in teen’s shooting death outside Atlanta food mart
Reward offered in teen’s shooting death outside Atlanta food mart

Ja’Carlos Jeffries stood outside a southwest Atlanta food mart on July 13 as he was pierced with two bullets and killed.  Two weeks later, Atlanta police still have no leads on who shot and killed the 19-year-old.  A $2,000 CrimeStoppers award is being offered in what police called a targeted shooting, according to a press release...
Scammer to Georgia woman: Wire me money or I’ll kill your husband
Scammer to Georgia woman: Wire me money or I’ll kill your husband

A Cherokee County woman is out $1,400 after she was ordered to wire money to someone threatening to kill her husband as part of a scam, Channel 2 Action News reported.  The woman, who was not identified, said she got a call Monday as she was leaving work from someone claiming to be holding her husband hostage, Channel 2 reported. She grew terrified...
More Stories