ACE Loan Program (Accelerating Community Excellence Loan Program)
Funding Amount
Varies
Deadline
Rolling / Open
Grant Type
foundation
Overview
ACE Loan Program (Accelerating Community Excellence)
Program Type: Small business loan program
Overview: The Montgomery County Economic Development Corporation's (MCEDC) Accelerating Community Excellence (ACE) Loan Program serves small businesses in the region. MCEDC was selected as a fund manager to lead the ACE Loan Program by the Video Lottery Terminal (VLT) Program. LEDC serves as the program's fiduciary agent to disburse loans to businesses in Montgomery County and throughout Maryland.
- Primary focus: Montgomery County, Maryland and throughout Maryland
- At least 50% of VLT program funds must be deployed to eligible small businesses within a targeted radius surrounding the state's six casinos
- Remaining 50% of funding targets eligible Montgomery County small businesses
Geographic Scope
- Part of: Maryland State Department of Commerce's VLT (Video Lottery Terminal) Loan Program
- Created by: Proceeds from video lottery terminals from the state's six casinos
Funding Source
- Small business lending
- Economic development support
Focus Area
- Pre-qualification form available to start application
- Information sessions offered in English and Spanish
Key Features
- DC Office: 1401 Columbia Road NW, Unit C-1, Washington, DC 20009 | Phone: 202-540-7400 | Fax: 202-978-1104
- Maryland White Oak: 12520 Prosperity Dr., Suite 200, Silver Spring, MD 20904 | Phone: 202-540-7400
- Maryland Baltimore: 3500 Boston Street, Suite 227, Baltimore, MD 21224 | Phone: 202-540-7400
- Virginia Arlington: 2300 Wilson Blvd. Suite 719, Arlington VA 22201 | Phone: 202-540-7400
- Puerto Rico: Calle Ramón Emeterio Betances #345, Suite 108, Mayagüez, PR 00680 | Phone: 939-545-2817
Contact Information
How to Apply
Application Process
1. Complete Pre-Qualification Form: Start your ACE Application using the pre-qualification form
2. Attend Information Session: Optional information sessions available in English and Spanish to learn more about the program
3. Submit Full Application: After pre-qualification, submit complete business loan application materials
4. Business Review: LEDC staff will review your business plan and financial documentation
5. Loan Decision: Receive loan decision and disbursement upon approval
- Business plan
- Financial statements
- Personal credit history
- Business location/property information
- Proof of business registration
Required Materials (Likely, based on standard SBA/small business lending)
Application URL
https://www.ledcmetro.org/ace_loan_program (contains pre-qualification form link)Focus Areas & Funding Uses
Fields of Work
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