MCCI was selected from a total of 630 applicants during a competitive review process and will receive $1M over 10 years.
Cummings Foundation, thank you so much!!!!!!
Mill Cities Community Investments (MCCI) is thrilled to share that we are one of 150 local nonprofits that will share in $30 million through Cummings Foundation’s major annual grants program. MCCI was selected from a total of 630 applicants during a competitive review process and will receive $1M over 10 years. We are extremely grateful and honored to have received this Cummings grant.
TheCummings $30 Million Grant Program primarily supports Massachusetts nonprofits that are based in and serve Middlesex, Essex, and Suffolk counties.
Through this place-based initiative, Cummings Foundation aims to give back in the areas where it owns commercial property. Its buildings are all managed, at no cost to the Foundation, by its affiliate, Cummings Properties. This Woburn-based commercial real estate firm leases and manages 11 million square feet of debt-free space, the majority of which exclusively benefits the Foundation.
“The way the local nonprofit sector perseveres, steps up, and pivots to meet the shifting needs of the community is most impressive,” said Cummings Foundation executive director Joyce Vyriotes. “We are incredibly grateful for these tireless efforts to support people in the community and to increase equity and access to opportunities.”
This year’s grant recipients represent a wide variety of causes, including housing and food insecurity, workforce development, immigrant services, social justice, education, and mental health services. The nonprofits are spread across 46 different cities and towns.
Cummings Foundation has now awarded $480 million to greater Boston nonprofits. The complete list of this year’s 150 grant winners, plus nearly 1,500 previous recipients, is available at www.CummingsFoundation.org.
Massachusetts businesses and donors could benefit from $375,000 in state tax credits recently awarded to Nectar Community Investments.
The credits give donors a 50% break on their state taxes for contributions to Nectar, a community development financial institution that assists small-business owners and homeowners with guidance and capital.
The nonprofit works in Massachusetts communities where there’s usually not much access to either.
In a news release Tuesday, Nectar said it received the maximum award under the Community Investment Tax Credit Program of the Massachusetts Executive Office of Housing and Livable Communities.
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Small Business Loan Officer Kristin Wallace recently served on a panel at the City of Lawrence’s Capital Access event, where she connected with local small business owners, startups and aspiring entrepreneurs about how Nectar’s products can support their growth. We caught up with Kristin after the event to hear her perspective on the challenges that small businesses face in accessing capital and what resources are available to them here in Massachusetts.
For small businesses looking to grow, what are some of the biggest barriers in accessing capital?
Many of the entrepreneurs we serve face systemic barriers that go far beyond credit history or collateral. Racism, language access challenges, immigration status, gender bias, and limited access to fair and affordable financial products all contribute to persistent funding gaps. Capable, experienced business owners in historically disinvested communities are often denied capital because traditional financial systems were not designed with their experiences or realities in mind. As a result, entrepreneurs of color, women business owners, and low-income entrepreneurs are frequently underfunded — not because they are underprepared, but because the system itself is not equitable.
What is Nectar doing to overcome those barriers?
Nectar is committed to reimagining how capital flows to historically disinvested communities. We …
Nectar Community Investments, a community development financial institution (CDFI) and community development corporation (CDC), has received $375,000 in tax credits from the Massachusetts Executive Office of Housing and Livable Communities Community Investment Tax Credit (CITC) program. Nectar received the maximum award, which incentivizes donors with a 50 percent refundable state tax credit to support the organization’s work of providing capital, advisory services and other assistance to small business owners and homeowners.
“We’re grateful to the Healey-Driscoll Administration for this impactful award, which recognizes the integral role that CDCs like Nectar play in building generational wealth in Massachusetts,” said Nectar Executive Director Glynn Lloyd. “As we continue in our mission to grow the assets and wealth of underserved communities, we encourage donors across the Commonwealth to take advantage of this win-win opportunity: earning state tax credits while investing in economic mobility, climate resilience and more.”
Since its launch in 2012, the CITC program has been a flexible, unrestricted and integral source of funding for CDCs and civil society organizations (CSO), promoting local innovation and long-term impact. At Nectar, CITC contributions seed new programs and drive innovations, support ongoing programs and operations, fill funding gaps, and leverage other resources. Donors receive a 50 percent …
