Juice’d Café is the brainchild of Stacey and Luis Gonsalves, a wife and husband team who believe in providing healthy and affordable food options to the community and BEI Cohort IV graduates. Located in Fall River and New Bedford, the cafés offer dine-in and online food ordering, from pressed juices and smoothies to nutritious bowls and burritos.
Juice’d saw a decrease in business during the pandemic, as did many restaurants. Their New Bedford location, which had only been open for eight months, was hit the hardest as most of their customers were from nearby businesses and were now working from home. The BEI Henry P. Kendall Foundation made a significant impact on Juice’d as it enabled them to create both functional and strategic purchases, helping them stay afloat and increase their bottom line. Due to grant funds, they were able to bring aboard a consultant specializing in business strategy, purchase a software system to help keep track of food costs, and purchase new kitchen equipment.
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.
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Nectar Community Investments small business client New England Counseling and Wellness PLLC recently closed on its second financing with us, which helped owner Johelly Chalas hire two new therapists and one administrator for her growing business. The first loan supported Johelly as she launched this much-needed bilingual mental health care facility for the Lawrence community. We chatted with Johelly and Small Business Loan Officer Saul Peña about Nectar’s approach to the loan process and its benefits for Johelly and her team.
Saul, can you walk us through Nectar’s loan process?
Saul Peña: After Johelly applied, we had an initial consultation to get a feel for her business and what her current needs were. That’s how we start all our loans. We also do a quick assessment and review documents, such as a balance sheet and a personal financial statement, so we can let the potential client know within a week whether we’re moving forward with the application. If we don’t, we’ll refer the business owner to an ecosystem partner for technical assistance.
If we do move forward with the loan, I like to dig into the details with our client, understand their plans for the financing and how it will help their business. …
Access to capital does not exist on a level playing field. To support underrepresented business owners with patient, longer-term financing capital, Nectar Community Investments launched the innovative Business Equity Investment Fund in 2022. Through the Fund, Nectar invested in and purchased equity in small businesses to support their long-term growth and development. Our investment went beyond dollars: we acted as a strategic partner, offering resources and experience to help entrepreneurs expand while giving them the freedom to run their business the way they wanted.
We’ve completed the initial phase of BEIF, and we were proud to support the Bay State Banner, NXGN Camps, Sweet Grace Heavenly Cakes and QMB Inc. during that period. What we learned through the BEIF will help inform our approach as we continue to innovate and find ways to invest in underrepresented entrepreneurs. To discover how we can support your small business, click here to read about our small business loans. You can also contact us with any questions.