Business Equity Initiative (BEI) Cohort VIII graduate, Elegant Stitches, has entered an exciting partnership with Greylock Federal Credit Union. This innovative supplier contract is aimed at providing minority-owned businesses with an opportunity to grow and compete in the marketplace.
PITTSFIELD, MA – Greylock Federal Credit Union and Elegant Stitches of Pittsfield have entered into a unique and industry-leading supplier contract aimed at providing minority-owned businesses an opportunity to grow and compete in the business-to-business marketplace.
“Greylock’s innovative contractual agreement with Elegant Stitches highlights how institutions can approach spending practices with minority business enterprises to be more intentional and inclusive through purchasing,” said Elegant Stitches founder Alfred Enchill. “This blueprint should serve as a model for businesses who are looking for ways to connect with the BIPOC business community.”
Founded in 1997, Elegant Stitches is a family-owned custom embroidery and screen-printing company that supplies branded apparel and promotional products for public and private sector employees, teams, and community groups. As a small business and certified minority business enterprise, Elegant Stitches is proud of their contribution to the local economy, which generate jobs that help enrich their community.
Greylock and Elegant Stitches have entered into a multi-year guaranteed minimum purchase agreement. The agreement will allow Elegant Stitches to forecast its sales and make appropriate investments to meet contract obligations. This financial security will give them the ability to focus on growth. In return, Greylock is guaranteed that their preferred vendor has the capacity and stability to meet their demands for years to come.
One of the ground-breaking provisions of this agreement is the guaranteed minimum spend. While minimum purchase amounts are not unique per se, Greylock added a clause guaranteeing Elegant Stitches income, regardless of whether Greylock’s purchase orders meet the agreed upon amount. Any unmet contractual spend is converted to a grant.
“It’s a win-win,” said Greylock’s Senior Vice President and Chief Administrative Officer, JamieEllen Moncecchi. “Elegant Stitches has been our go-to supplier for many years. This long-standing relationship with an immigrant founded enterprise, has sparked an innovative solution built on trust and mutual community-focused goals.”
The agreement is part of Greylock’s long-term commitment to supplier diversity and inclusive purchasing practices, further developed when they joined the Greater Boston Chamber of Commerce’s Pacesetters initiative, after introduction by the Massachusetts Business Roundtable. The Pacesetters initiative advocates for and supports an increase in the number of partnerships and spend with MBEs by mid to large sized corporations. While the Pacesetters initiative focuses on increasing spend with MBEs, it is part of a broader ecosystem of organizations, including Foundation for Business Equity, The Boston Foundation, and the Eastern Bank Foundation, which are dedicated to increasing capital and technical assistance for MBE success.
Tom Browne, Director of Economic Inclusion at the Chamber and lead for the Pacesetters initiative said of the Greylock – Elegant Stitches partnership, “increasing spend with minority business enterprises plays a role in developing the wealth of communities from which those minority business enterprises are born and operate. This commitment by Greylock is a fantastic example of the purposeful and innovative investments that the Chamber encourages all mid and large sized corporations to make with businesses of color, not only for the benefit of the supplier but also for their own competitiveness and impact in the regional economy.”
“For many of our Black and Latinx small business owners, access to larger corporate and government contracts is the next critical tool for growth,” said Glynn Lloyd, Executive Director at the Foundation for Business Equity. “Greylock working in partnership with Elegant Stiches is important modeling and learning for others.”
About Greylock:
Greylock Federal Credit Union is a member-owned financial cooperative that offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown, Lanesborough, and Lenox, Massachusetts and Greenport/Hudson, New York. More information is available at www.greylock.org.
About Elegant Stitches:
Founded in 1997, Elegant Stitches is a family-owned custom embroidery and screen-printing company that supplies branded apparel and promotional products for public and private sector employees, teams, and community groups. Learn more at https://elegantstitchesinc.com/.
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.
Non-Discrimination Notice:
In accordance with federal laws and U.S. Department of the Treasury policy, this organization is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability.
To file a complaint of discrimination, write to: U.S. Department of the Treasury, Director, Office of Civil Rights and Equal Employment Opportunity 1500 Pennsylvania Avenue, N.W., Washington, DC 20220; call (202) 622-1160; or send an e-mail to: [email protected].