Shanel Lindsay, J.D., Founder and CEO of Ardent
Ardent is a biotechnology business in the cannabis industry and despite having over 100% growth year-over-year since inception in 2015 and achieving a revenue of $2.8M in 2018, the company had begun to plateau in 2019. This is when Shanel made the decision to enroll in the Business Equity Initiative (BEI) program.
Ardent’s BEI Strategic Advisor worked with Shanel to establish an accounting and financial system to give visibility into the health of their business. Once in place, Shanel and her team were able to understand the areas affecting profitability, develop forecasting reports, and increase their ability to attract capital with financials in place.
Results: Ardent doubled revenue to $6M, had a 5x increase in profitability, and made six new hires (originally a team of two) by the end of 2020.
“Working with BEI gave us the support and guidance we needed to pull away from the frantic day-to-day revenue chase and work on the core foundational aspects of the business. Having a dedicated and supportive advisor and financial support allowed us to strategically focus on Ardent’s future. We neutralized problems that had plagued our business and can now focus on our opportunities.” – Shanel Lindsay, J.D., Ardent Founder and CEO
Great news for Massachusetts homeowners: the Massachusetts Community Climate Bank at MassHousing announced it has surpassed $5 million in Energy Saver Home Loan financing, helping residents cut energy use and boost the value of their homes. Nectar is a proud participating lender — and our Residential Services Director Lissette Paukert is quoted on the program’s impact. Read the press release
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
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