Nectar Community Investment wins $800,000 CDFI Fund award

U.S. Treasury award increases available capital in mission to build generational wealth

Nectar Community Investments, a certified community development financial institution (CDFI) and community development corporation (CDC) that provides loans, investments, strategic advice and advocacy for small businesses and homeowners in Massachusetts and Rhode Island, has won an $800,000 U.S. Treasury Community Development Financial Institutions Fund (CDFI Fund) Financial Assistance Award. Nectar, formerly known as the Lowell Community Loan Fund dba Mill Cities Community Investments, will use this award to deploy loans and equity to the people and places that need it most, coupled with high-quality advisory services to ensure their success.

“The supply of capital is a challenge for CDFIs around the country, and the demand for CDFI Fund awards this year shows the great need for investing in historically underserved communities,” said Nectar Executive Director Glynn Lloyd. “We’re grateful to the CDFI Fund for this infusion of dollars to support our programs, and we look forward to deploying this capital across New England as we continue to innovate, advance environmental justice and positively impact our communities.”

Applications in fiscal year 2024 were at an all-time high, with a 42 percent increase in applications for Financial Assistance Awards compared to last year. In total, 948 organizations from across the U.S. requested a combined level of about $1.55 billion in Financial Assistance Awards and Technical Assistance Awards. Nectar was one of 10 CDFIs in Massachusetts and Rhode Island to receive a CDFI Fund Financial Assistance Award.

About Nectar Community Investments

Nectar Community Investments is a certified CDFI and CDC that provides flexible growth capital, technical assistance and strategic advisory services to small business owners and homeowners in historically disinvested communities. Our purpose is to build generational wealth to close the racial wealth gap. With our robust advice, resourced networks and capital investment, we aim to grow sustainable, thriving and diverse communities driven by equal access and opportunity. Established in 2022 through the merger of Mill Cities Community Investments and the Foundation for Business Equity, Nectar has provided $29.7 million in small business and residential loans, supporting more than 500 businesses and nearly 1,000 homeowners.