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The Cooperative Assistance Fund is winding down, but that didn't stop its board of directors from accepting a $6.3 million donation that will go directly to the Access to Capital for Entrepreneurs.
The Atlanta-based nonprofit was founded by John G.
Simon, a Yale Law School professor who helped develop the legal framework for impact investing, per a press release.
He died in 2022 at the age of 93, and the fund's assets will be transferred to ACE following his death.
"What sets this donation apart is that as [the Cooperative Assistance Fund] is winding down, they sought an organization to carry forward their mission of supporting small business," says Grace Fricks, the founding president and CEO of ACE.
"And they chose ACE."
The nonprofit, which provides loans to small businesses in rural and low-income areas, will use the funds to expand to 100 counties in South Georgia.
"As a Georgia native myself, I wanted to be able to help where we can," says former CAF board chair Robb Bunnen.
"The fact that we can help ACE expand to tackle persistent poverty in rural areas throughout South Georgia is critical."
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