Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Access to Capital for Entrepreneurs, Inc. under programs for the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Access to Capital for Entrepreneurs, Inc., it is not intended to and does not present the financial position, changes in net
assets, or cash flows of Access to Capital for Entrepreneurs, Inc.
De Minimis Rate Used: N
Rate Explanation: Negotiated indirect cost rate was used.
ACE has received multiple Small Business Administration (SBA) direct loans under the SBA’s microloan program and a loan from the United States Department of Agriculture (USDA) under the intermediary relending program. The loan balance outstanding at the beginning of the year was $6,394,430 and the balance of the loan outstanding at December 31, 2024 consists of:
See the Notes to the SEFA for chart/table