A facility that provided business opportunities to disadvantaged individuals in Savannah unexpectedly closed its doors on Thursday, leaving both employees and entrepreneurs surprised.
Those who worked at the Access to Capital Women’s Business Center (ACE-WBC) said they believe the closure was a result of a lack of federal funding.
“We had been warned that the program might face closure due to budget constraints. Nevertheless, both the WBC and our partner organization assured us that there was a chance we could continue,” said Vernell Stewart, the former Program Director at ACE-WBC Savannah. “I hoped we could pull through these challenges, but it seems we just couldn’t overcome them.”
The ACE-WBC was a part of a network of centers designed to support low-income or minority communities, with funding from various sources including federal allocations via the Small Business Administration.
However, now, with potential funding cuts looming according to employees, the Savannah ACE-WBC is closing permanently.
“In Savannah, our WBC served as the educational segment, providing business advice, training, and a variety of programs,” Stewart explained.
The ACE-WBC also helped clients access to what are called character-based loans, loans that banks typically would not be able to fund.
“For the past three years, we have been actively engaging with our community, understanding, and addressing what entrepreneurs needed, which enabled us to create tailored programs,” Stewart continued.
All services were offered free of charge to get new entrepreneurs’ businesses off the ground.
“The innovative products developed by our local entrepreneurs might now go unnoticed unless they replicate the initiatives we were conducting,” Stewart remarked. “Having to step away from the community after investing so much in building and nurturing relationships leaves a gap we were dedicated to filling.”
The ACE-WBC had a series of upcoming events and workshops, which are still listed on their website.
Due to the center’s abrupt closure, former employees said they’re doing their best to notify clients.
