Access Equity and Opportunity through flexible capital and dedicated
support for underserved entrepreneur
Important Note –
To participate in the loan program or for more information contact Nancy Evans at
nevans@acerinc.org
Our Small Business Lending Program
At African Career, Education, and Resource Inc. (ACER), we advance economic equity by providing underserved entrepreneurs with the capital they need to grow. Our program is specifically designed for “unbankable” borrowers those who may lack the credit history or collateral typically required by traditional banks
We offer two primary lending tracks with a fixed 4% interest rate and a low 0.5% origination fee:
| Feature | Track 1: Microloan Program | Track 2: Small Loan Program |
|---|---|---|
| Loan Amount | $10,000 – $19,999 | $20,000 – $75,000 |
| Grace Period | 3 months (no payments/interest) | N/A |
| Term | Up to 5 years | Up to 5 years |
| Key Requirements | Completion of ACER training & viable business plan and demonstrated community/economic impact | Financial statements & growth evidence |
To be eligible, your business must be located in or serve one of our Priority Communities: Brooklyn Park, Brooklyn Center, New Hope, Crystal, Coon Rapids, Minneapolis, Maple Grove, or be an ACER property tenant. We prioritize BIPOC entrepreneurs and require a minimum credit score of 520 (or an acceptable guarantor).
We guide you through a transparent seven-step journey to ensure your business is prepared for success:
Inquiry & Information: Join an Open House or Information Session to learn about our goals and receive your initial document checklist
Application Intake: Meet with a Case Manager to complete your full application, including a Personal Financial Statement and a review of your business goals.
Eligibility Check: We verify your location, business type, and training completion to ensure alignment with our mission.
Underwriting & Viability: Our team reviews your tax returns and financials, using standardized templates to help you project a 12-month cash flow.
Loan Interview: We discuss your daily operations, market competition, and management skills to understand the person behind the business.
Committee Review: Your application is presented to the Loan Committee. Decisions are based on repayment capacity, community impact, and business strength.
Closing & Support: Once approved, we finalize the legal documents and disburse funds. Our relationship continues with ongoing technical assistance to help you manage your loan and scale your operations.
Borrower Eligibility
Geographic Eligibility:
Business must be located in or serve a Priority Community.
Entrepreneur Profile:
● Primarily BIPOC and/or unbankable entrepreneurs
● Minimum age 18
● Minimum credit score: 520, or an acceptable alternate guarantor
Business Type:
● Startups with business plan and training completion
● Existing businesses with financials and business plan/executive summary
Collateral & Guarantees:
● Personal guaranty required for all loans
● All available collateral must be pledged
● UCC filings required on business assets
Origination Process
1. Loan Officer conducts initial eligibility review.
2. Applicant submits complete application and supporting documentation.
3. The Loan Officer prepares the underwriting file and recommends a proposed action.
4. The Loan Committee reviews and votes to approve, deny, or modify the loan.
5. All decisions are documented in meeting minutes.
Our commitment to your success continues long after the funds are disbursed through our Post-Loan Mentor Program. We stay connected with your business to provide ongoing Technical Assistance (TA) services. To ensure you have the best guidance, we pair you with a mentor—often a previously successful business owner—who provides real-world insights and helps guide your growth. We monitor your progress through regular performance reviews to ensure you have the tools needed to remain stable and scale effectively
Director of Economic and Workforce Development
nevans@acerinc.org | 6096 Shingle Creck Parkway, Brooklyn Center, MN 55430
