“I am forever grateful for MCCI and their loan products. I am excited to own solar and share the benefits with my tenants. MCCI has always been there when I needed them. First, I received a loan for my window replacement, and now I can add solar and replace my roof.”
– Gladys Cruz, Solar Plus Loan Client
Challenge: Massachusetts homes, among the nation’s oldest, contend with some of the highest electricity utility prices in the country and grapple with numerous challenges in transitioning to clean energy in low- to moderate-income communities.
Gladys’ Solar Journey: Meet Gladys Cruz, homeowner of an 1890s two-family home in Lawrence, MA. When her home needed a new roof, she set out to find a reliable roofing company. Fortunately, a contractor recommended MCCI as a potential resource for financing her home improvement project. Having experienced MCCI’s support in financing her home’s windows years ago, Gladys contacted us to explore our residential offerings, including the innovative Solar Plus loan program.
After consultations with various solar vendors, Gladys chose MCCI’s Solar Plus loan program. With an affordable interest rate and additional subsidies, she found the solution to finance her roof replacement and install rooftop solar panels. Her trusting relationship with MCCI, built on our commitment to community well-being, set us apart.
As a Community Development Financial Institution (CDFI), MCCI has cultivated deep trust and relationships in the communities we serve. Our understanding of linguistic and cultural needs, especially within the Spanish-speaking community in Lawrence, fills a crucial gap unmet by other traditional lending institutions.
Impact: The Solar Plus loan program empowered Gladys with upfront funds to own solar panels and retrofit her home, enhancing energy efficiency and sustainability. The low-interest loan with fixed payments and subsidies reduced the overall project cost. Gladys’ solar installation is estimated to cover 119% of the property’s current electrical usage, substantially reducing both her and her tenant’s electricity bills.
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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