Bain Capital kicks in $2.5 million for Foundation for Business Equity
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. …
