Alfred Enchill, Founder and CEO of Elegant Stitches, started by selling garments at trade shows but found that his embroidered apparel gained more traction. In 1997, pivoting his sales strategy to accommodate the growing demand for embroidery, Alfred created Elegant Stitches in his basement and later brought on his son Auric to help him grow it to where it is now. With 25 years under their belt, Alfred and Auric wanted to jumpstart company growth, leading them to enroll in the BEI. The pair knew that through BEI, they would have access to the right resources, people, and financing.
In addition to being matched with a BEI Strategic Advisor, the Elegant Stitches team was coached by a BEI marketing specialist. The specialist helped the team develop a long-term marketing plan consisting of email marketing, social media campaigns, and seasonal sample products to send to corporate prospects. The marketing strategy is backed by proper software implementation to support these efforts. On the sales front, Al and Aurie’s BEI Strategic Advisor was able to help them develop sales targets and create strategies to help them hit their targets.
Elegant Stitches has properly executed their plan, and as a result, has seen nearly 100% growth in sales year over year. Additionally, the father and son duo were able to make two hires adding a full-time administrative assistant to allow them to concentrate on sales and strategy. They are also evaluating the possibility of acquiring another company.
Nectar Community Investments has welcomed Boston Ujima Project Executive Director Nia K. Evans as a new board member to be part of their organization. Evans’ role at the Boston Ujima Project focuses on bringing together neighbors, workers, business owners and investors in Greater Boston to build a community-controlled economy. According to Evans, the Boston Ujima Project has “made history as the nation’s first democratically governed investment fund.”
Read the article
Our Executive Director Glynn Lloyd joined more than 400 housing, business, and public-sector leaders at the Citizens’ Housing and Planning Association’s annual Housing Summit, where he moderated a panel about Massachusetts’ economic development potential as a hub for modular construction.
Read the article
Nectar Community Investments small business client New England Counseling and Wellness PLLC recently closed on its second financing with us, which helped owner Johelly Chalas hire two new therapists and one administrator for her growing business. The first loan supported Johelly as she launched this much-needed bilingual mental health care facility for the Lawrence community. We chatted with Johelly and Small Business Loan Officer Saul Peña about Nectar’s approach to the loan process and its benefits for Johelly and her team.
Saul, can you walk us through Nectar’s loan process?
Saul Peña: After Johelly applied, we had an initial consultation to get a feel for her business and what her current needs were. That’s how we start all our loans. We also do a quick assessment and review documents, such as a balance sheet and a personal financial statement, so we can let the potential client know within a week whether we’re moving forward with the application. If we don’t, we’ll refer the business owner to an ecosystem partner for technical assistance.
If we do move forward with the loan, I like to dig into the details with our client, understand their plans for the financing and how it will help their business. …