Moving Beyond Philanthropy: How Companies Can Create Equity Through Innovative Ways
Moving Beyond Philanthropy: How Companies Can Create Equity Through Innovative Ways
Forbes Article Excerpt Author: Glynn Lloyd, Executive Director of Mill Cities Community Investments and Foundation for Business Equity
November 17, 2022
Leaders and funders should look across their organizations and think creatively about leveraging all the tools available to further equity. Our current and growing inequities experienced in our Black and Brown communities demand it.
Currently, when funders are interested in supporting community enterprises, all too often the sole focus is philanthropy. Although funding is extremely important, it is imperative that we explore how to build economic opportunities through multiple different avenues.
But where to begin?
Research shows that Black and Latinx entrepreneurs are less successful in accessing capital to grow their companies, one of the most important ingredients to business success. The Foundation for Business Equity (FBE) helps to address the widening income and wealth gap experienced most acutely by Black and Latinx communities. By focusing on scaling businesses of color, we can create greater wealth for business owners and more jobs with family-sustaining wages in our urban communities.
A new report from diversity, equity and inclusion consultancy Grads of Life surveyed nearly 2,000 diverse workers to understand career and income inequities experienced by Black talent, and highlight how employers can take action to create more equitable career opportunities that lead to higher wages.
FBE partnered with the Boston Foundation and Mill Cities Community Investments, a Community Development Financial Institution (CDFI), and several other funders to provide flexible financing and patient capital to business owners that are positioned for growth that historically have been barred from traditional lenders.[i] As a result, this has essentially created an alternative financing ecosystem, resulting in the investment of millions of dollars directly into these entrepreneurs.
We’re excited to grow our team and welcome a thoughtful, mission-driven leader into the role of Small Business Lending Director. This newly created position plays a key role in our next phase of growth, leading day-to-day lending operations, managing portfolio performance, and expanding access to capital for small businesses across Massachusetts and Rhode Island. If you’re passionate about supporting entrepreneurs, strengthening local economies, and advancing financial equity, we’d love to hear from you.
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The Nectar Community Investments residential team recently attended the 2025 MassEnergize Conference, which proved to be a thoughtful and impactful event full of advocacy, connection, and shared commitment to climate action at the community level. Residential Services Director Lissette Paukert spoke on a panel about funding residential decarbonization, joining representatives from Mass Save, the Community Climate Bank and Abode to talk about ways we can make energy efficiency upgrades more accessible and affordable for Massachusetts residents. Here are a few of her insights from the conversation.
What are the biggest challenges Nectar clients face in pursuing decarbonization projects?
These days, we see some fear of financial uncertainty and a lack of trust in the energy industry due to aggressive, predatory-like marketing behaviors. That’s also due to divisiveness and misinformation in our current environment, including whether climate change is real and if decarbonization efforts even matter. When you have limited cash flow, you invest carefully in products that are going to last and not cause issues. There needs to be clear and truthful messaging around the impact of decarbonization, from both an economic and environmental perspective. Not only do homeowners need education, but it’s just as important that the contractors and all professionals …
A big thank you to everyone who joined us for Nectar’s official launch in Rhode Island. We’re thrilled to be working in the Ocean State, and engaging with the entrepreneurs, ecosystem partners and other attendees at the event boosted our sense of excitement and community.
Since our founding in Massachusetts in 2008, we’ve made it our mission to invest in community and build generational wealth. We’re continuing that commitment in Rhode Island — today, tomorrow and well into the future. This launch event was only the beginning! We’re looking forward to working together, supporting dedicated small business owners, and collaborating with ecosystem partners to build on their successful efforts throughout the state.
