Mackenzie Scott Donates $10 Million to Small Business Nonprofit

Mackenzie Scott continues to give her billions to good causes. The philanthropist has donated $10 million to a Georgia nonprofit that helps small businesses.

Access to Capital for Entrepreneurs (ACE) received a key funding round in August. The recent financial cushion allows the Georgia-based organization to fulfill its mission to help small businesses grow. Founder and CEO Grace Fricks spoke in regards to the large donation and the “social impact” that led to it.

“It’s a testament to the social impact of the work ACE does and does well,” Fricks said. Reported by “This will definitely take ACE to the next level.”

She added: “This came completely unexpectedly. We are proud of the accomplishments of each of our clients — more than 2,600 small business owners across Georgia who have received affordable ACE loans — and grateful for this recognition of the hard work of the ACE team.”

Frick, who will retire at the top of 2024, founded the nonprofit in 1997 to help rural people in north Georgia. But it has since expanded its operations to help minority entrepreneurs within the Atlanta metro area and beyond.

Since its inception, ACE has awarded $200 million in loans, 60% of which have gone to Black entrepreneurs. With capital, coaching, and connections in its mission, ACE initially it helps entrepreneurs of color, low-income business owners, and ladies business owners.

The initiative provides funding to reduce gender and racial wealth gaps. It also creates jobs and opportunities for its clients while increasing its financial support and partnering with local organizations.

With this recent funding, which is now available, ACE expects to help 1,500 small businesses in its five-year strategic plan. The money will help it on its way to lending $300 million to these businesses and providing 100,000 hours of business consulting services.

But this isn’t the primary time Scott has supported his endeavors. In 2020, ACE received $5 million from the philanthropist’s foundation to expand its services to Georgia business owners.

Scott continues to redistribute his wealth to a wide selection of institutions and organizations, including Atlanta-area HBCUs. The nonprofit will rejoice this 12 months’s efforts at its 2024 ACE Annual Gala on Sept. 19.