“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 has welcomed Boston Ujima Project Executive Director Nia K. Evans as a new board member to be part of their organization. Evans’ role at the Boston Ujima Project focuses on bringing together neighbors, workers, business owners and investors in Greater Boston to build a community-controlled economy. According to Evans, the Boston Ujima Project has “made history as the nation’s first democratically governed investment fund.”
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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. …
