The Foundation for Business Equity is excited to share that we have been recognized as one of Boston Business Journal’s top 50 organizations setting Boston’s innovation ecosystem ablaze and the recipient of the Blaze Award in our ecosystem category. We are honored to do the work that we do and thank our dedicated staff, incredible partners, and resilient businesses for helping us receive this recognition.
See our highlight below:
Foundation for Business Equity: This nonprofit, which provides advisory services and capital for business leaders of color, had a strong year. The group picked up new funders, like Bain Capital, which announced a five year, $2.5 million commitment, and the Cummings Foundation, while also continuing its expansion with new participating businesses. 60 local companies have participated in FBE’s Business Equity Initiative with $7 million of growth capital directly invested, helping to create 205 new jobs and $120 million in new revenue.
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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