Thank you to Bain Capital for their support and partnership.
Bain Capital kicks in $2.5 million for Foundation for Business Equity
Boston Globe Article Excerpt
By Globe Staff, Updated January 17, 2021
Bain Capital’s latest investment doesn’t involve a beaten-down retail chain or a promising biopharmaceutical pioneer. Instead, the private equity giant is betting on a Boston nonprofit aimed at mentoring businesses owned by people of color.
Bain has agreed to donate $2.5 million over five years to the Foundation for Business Equity, launched in 2017 by Eastern Bank’s charitable arm. Eastern remains the foundation’s largest corporate benefactor, but Bain will become its second-largest with this gift. Saron Tesfalul, a principal at Bain, will join the foundation’s board of directors as a result….
“They provide a holistic solution,” Tesfalul said. “It’s not just advice. It’s not just capital. It’s not just networking opportunities. It’s really all three. . . . FBE’s model of having that integrative approach is unique and one that works exceptionally well.”
Nectar Community Investments, with the Boston Foundation and the Local Enterprise Assistance Fund, provided a $900,000 financing package for construction and launch of a Vicente’s Supermarket branch at 452 Mount Pleasant St. Vicente’s estimates the store has created about 30 construction jobs through 10 contractors, most owned by people of color. Read the Article
Fourth Vicente’s supermarket brings jobs, access to healthy food to South Coast community Nectar Community Investments, in partnership with The Boston Foundation and Local Enterprise Assistance Fund (LEAF), has provided a financing package for the new Vicente’s Supermarket in New Bedford, Mass. The New Bedford store, which opened today as the company’s fourth location, mirrors the approach of its Brockton and Pawtucket, R.I., markets: located in a low- to moderate-income community adjacent to a food desert and making healthy food accessible to historically underserved neighborhoods. “We’re proud to help provide this critical financing to Vicente’s Supermarket as the company expands into New Bedford,” said Nectar Community Investments Executive Director Glynn Lloyd. “Small businesses are the backbone of the Massachusetts economy, and Vicente’s exemplifies that definition: providing healthy food access, creating jobs and positively impacting the community. Thank you to our ecosystem partners at The Boston Foundation and LEAF as well for teaming up with us to make this financing possible.” “In Brockton and Pawtucket, Vicente’s markets are not only meeting a critical need for food — they are central hubs in their communities,” said Orlando Watkins, Vice President and Chief Program Officer at the Boston Foundation. “The Boston Foundation has a longstanding history …
Nectar’s Executive Director Glynn Lloyd spoke to The Bay State Banner about our organization’s innovative approach and a recent award from the CDFI Fund to help fuel our work. Learn more about patient capital, the Business Equity Initiative for Diverse Developers, environmental justice efforts and more in this story.
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