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
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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