|
|
 |
|
|
Advances for Community Enterprise (ACE)
Advances for Community Enterprise (ACE) advances provide funds for projects and activities that result in the creation or retention of jobs or provides services or other benefits for low- and moderate-income people and communities.
ACE advances are used to:
- Finance commercial, industrial, and manufacturing activities, including small business and microenterprise lending
- Support social service, community, and public facility projects
- Fund public or private infrastructure projects, such as roads, utilities, and sewers
ACE credit provides Bank members with lower-cost funding to support commercial, small business, and economic development lending. ACE advances may be used to finance commercial or economic development loans benefitting targeted beneficiaries, which may include:
- A targeted geographic area (e.g., Empowerment Zones, Enterprise and Champion Communities, "Indian areas," Brownfields, areas affected by NAFTA, by a military base closing, or by disaster)
- A targeted activity (i.e., a small business)
- Targeted income levels for individual beneficiaries in rural or urban areas. In rural areas, ACE-funded credit must serve households earning up to 115% of area median income (AMI). In urban areas, ACE-funded credit must serve households earning up to 100% of AMI.
More Information
Participation in ACE requires compliance with all Community Investment Cash Advance (CICA) policies, regulations, obligations, and procedures. If the Bank determines that a participating member has not complied with the qualifying terms of the program or has not provided acceptable documentation to verify compliance, the Bank may change the interest rate on each outstanding ACE advance, retroactive to its funding date, to the rate in effect on the funding date for a comparable advance under the Bank’s regular credit programs. The Bank monitors all ACE advances, including at time of application and post-completion to ensure that the ACE funds are used appropriately.
|
|
|
|
ACE