Patricia M. Jorge comes from a long lineage of cooks; her grandmother owned a successful street cart business for 30 years in San Cristobal of the Dominican Republic. Patricia would help her grandmother season the food after school as a child. In addition, Patricia’s mother, Deyanira, is in high demand in the Lawrence community for her recipes and catering. Consequently, Patricia’s passion for cooking came at an early age. In November 2019, she opened Joy Empanadas in Lawrence, MA, to share her passion for cooking with her community.
Ms. Jorge first came to Mill Cities Community Investments (MCCI) in January 2019. She shared with us her dream of opening a one-of-a-kind eat-n-go eatery that shows off an authentic blend of Latino flavors in a modern and fun atmosphere here in Lawrence, MA. As you can see from the pictures above, she has accomplished her dream.
Some of Patricia’s challenges were a lack of access to capital and education to plan for and run her business effectively. MCCI helped Patricia write a business plan and financial projections to qualify her for an MCCI Lawrence Venture Fund loan of $70,000 to purchase equipment, outfit a space, and to launch Joy Empanadas. Patricia also took advantage of MCCI’s 8-hour Bookkeeping course, which qualified her business for a $1,000 MCCI technology grant. She used this grant to purchase a Point of Sales system to better track her business sales, inventory, and cash flow. In 2020, Patricia planned to take MCCI’s 9-hour QuickBooks training to put more training into best practice.
Joy Empanadas officially opened its doors on November 1st, 2019, and it now employs five hardworking individuals, including Patricia, her mother, and her sister. The business has already become a bright spot in the community that represents the culture and flavors of Ms. Jorge’s heritage.
Massachusetts businesses and donors could benefit from $375,000 in state tax credits recently awarded to Nectar Community Investments.
The credits give donors a 50% break on their state taxes for contributions to Nectar, a community development financial institution that assists small-business owners and homeowners with guidance and capital.
The nonprofit works in Massachusetts communities where there’s usually not much access to either.
In a news release Tuesday, Nectar said it received the maximum award under the Community Investment Tax Credit Program of the Massachusetts Executive Office of Housing and Livable Communities.
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Small Business Loan Officer Kristin Wallace recently served on a panel at the City of Lawrence’s Capital Access event, where she connected with local small business owners, startups and aspiring entrepreneurs about how Nectar’s products can support their growth. We caught up with Kristin after the event to hear her perspective on the challenges that small businesses face in accessing capital and what resources are available to them here in Massachusetts.
For small businesses looking to grow, what are some of the biggest barriers in accessing capital?
Many of the entrepreneurs we serve face systemic barriers that go far beyond credit history or collateral. Racism, language access challenges, immigration status, gender bias, and limited access to fair and affordable financial products all contribute to persistent funding gaps. Capable, experienced business owners in historically disinvested communities are often denied capital because traditional financial systems were not designed with their experiences or realities in mind. As a result, entrepreneurs of color, women business owners, and low-income entrepreneurs are frequently underfunded — not because they are underprepared, but because the system itself is not equitable.
What is Nectar doing to overcome those barriers?
Nectar is committed to reimagining how capital flows to historically disinvested communities. We …
Nectar Community Investments, a community development financial institution (CDFI) and community development corporation (CDC), has received $375,000 in tax credits from the Massachusetts Executive Office of Housing and Livable Communities Community Investment Tax Credit (CITC) program. Nectar received the maximum award, which incentivizes donors with a 50 percent refundable state tax credit to support the organization’s work of providing capital, advisory services and other assistance to small business owners and homeowners.
“We’re grateful to the Healey-Driscoll Administration for this impactful award, which recognizes the integral role that CDCs like Nectar play in building generational wealth in Massachusetts,” said Nectar Executive Director Glynn Lloyd. “As we continue in our mission to grow the assets and wealth of underserved communities, we encourage donors across the Commonwealth to take advantage of this win-win opportunity: earning state tax credits while investing in economic mobility, climate resilience and more.”
Since its launch in 2012, the CITC program has been a flexible, unrestricted and integral source of funding for CDCs and civil society organizations (CSO), promoting local innovation and long-term impact. At Nectar, CITC contributions seed new programs and drive innovations, support ongoing programs and operations, fill funding gaps, and leverage other resources. Donors receive a 50 percent …