Announcing Catalyze Lawrence / Anunciando Cataliza Lawrence
This is a bilingual message. / Este es un mensaje bilingüe (ver más abajo para español).
We are excited to announce that Mill Cities Community Investments (MCCI) in alliance with three partner organizations, EparaTodos Lawrence, TLE Center for Urban Entrepreneurship, and Family Services of the Merrimack Valley—was awarded a Community Empowerment and Reinvestment Grant from the Baker-Polito Administration’s Executive Office of Housing and Economic Development!
Catalyze Lawrence is focused on small business development in Lawrence and supports a wide range of business owners, including BIPOC, low-income, historically disadvantaged or underrepresented, and/or formerly incarcerated individuals, with business stages ranging from aspiring entrepreneurs to established businesses. Through this partnership, entrepreneurs in Lawrence seeking to start or sustain a business have access to the highest quality support, no matter their starting point.
Cataliza Lawrence se enfoca en el desarrollo de pequeñas empresas en Lawrence y apoya una gran variedad de dueños de negocio incluyendo: negros, indígenas, personas de color (BIPOC por sus siglas en ingles), personas de bajos ingresos, históricamente en desventaja y subrepresentados, y/o individuos previamente encarcelados que se encuentran en varias etapas del desarrollo de sus emprendimientos. A través de esta alianza, los emprendedores en Lawrence que estén buscando empezar o sostener un negocio tienen acceso al apoyo de la más alta calidad, sin importar en que etapa están.
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 …
