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. We don’t want our clients thinking of a loan as a bandage to solve what might be a larger underlying issue — in those cases, money might not necessarily solve what they’re facing. So, I work with them to figure those things out and get the numbers right. Then, the client is in a really good place to move forward.

How is that approach different from typical financing?

SP: As a CDFI, we focus on character-based lending, where we take into account a person’s background in our loan evaluation. For example, there are tons of loan options online for people to get an answer right away based on their credit scores, payment history, debt ratios and more. Our process is more flexible. If someone has a credit score that isn’t great, we understand there may have been circumstances beyond their control that led to a low score and that the applicant is still credit worthy. My background is in credit repair and debt repayment, so I give my clients detailed plans on how to escape low credit scores. Luckily, Nectar has a credit building loan product that can help with that as well. We listen, we get in and we do the work. It does make the underwriting process longer, but it’s personal and realistic.

Johelly, what was the experience like for you? 

Johelly Chalas: I first heard about the Nectar program at the very beginning of my journey, when New England Counseling Services and Wellness was just a dream — an idea on paper filled with hope and motivation. From my first meeting with Aaron, the Nectar team believed in my vision, sometimes even more than I believed in myself. They made the startup loan process smooth and supportive, showing genuine trust in me and in what I hoped to create.

SP: Johelly was very responsive throughout the loan process and very quick to get me the documentation we needed to evaluate her loan application. She was looking for working capital and needed to hire some employees to increase revenue. She had almost everything ready to go, but just needed some support with financial projections. That’s very common with our clients — a lot of them know how to run a business, but they don’t have the experience in managing the numbers.

What does New England Counseling and Wellness look like today? And what has the impact been in Lawrence?

JC: With that support, I grew from a single private office to a welcoming space with three offices and a waiting area. I’m no longer a solo practitioner. I now work alongside interns and other clinicians, expanding our services and presence in the community.

SP: Before this expansion, Johelly was working at a school and doing therapy part time. She took a leap; at Nectar, we applaud that. We love entrepreneurs and taking that risk and betting on themselves. 

By offering bilingual therapy, Johelly’s business serves a great need in Lawrence. Based on that, I wanted to do everything I could to help. She’s smart, independent and hardworking, and she already had a strong business to begin with. We need more mental health care for kids, teens and adults, so it makes sense to support the businesses that are already there serving the community. As her business has grown, so has its positive impact for those in greater Lawrence.

JC: This growth has strengthened my business and allowed me to give back by offering accessible mental health care and opportunities for future professionals. I’m deeply grateful to Nectar for believing in me and helping New England Counseling Services and Wellness become what it is today.