The Board of Directors of Mill Cities Community Investments is excited to announce that Glynn Lloyd has been selected as its next Executive Director to replace founder Frank Carvalho. It is excellent news for MCCI that the board found a leader equally as passionate and visionary as Frank Carvalho to take the organization into the future and continue to grow its impact. For more on Glynn’s professional background, click here.
It is with great enthusiasm and humility that I take on the role of Executive Director for MCCI. Founder Frank Carvalho and team have built an incredibly impactful community institution that has provided capital and other services to those with less traditional access.
As a small business owner and more recently as Executive Director of the Foundation for Business Equity, I know first hand how challenging it is for our community and specifically our business owners to build net worth. The last 12 months have shined a spotlight on how important the work of MCCI is and I am honored to be in a role to continue and grow that legacy.
I look forward to connecting with you directly in the work,
-Glynn
On behalf of the Board of Directors, I am thrilled to usher in the next phase of MCCI with the announcement of Glynn Lloyd as our new Executive Director. Glynn and the Foundation for Business Equity have been close partners already with MCCI in bringing financial resources and technical assistance to businesses in the Merrimack Valley. We faced a daunting challenge in seeking a new leader to step into the shoes of our visionary founding Executive Director and are deeply and eternally grateful to Frank Carvalho for his wisdom, experience, passion and perseverance. We are excited to bring on an equally visionary, entrepreneurial, mission driven, and effective leader who will nurture that vision and build on it.
Massachusetts businesses and donors could benefit from $375,000 in state tax credits recently awarded to Nectar Community Investments.
The credits give donors a 50% break on their state taxes for contributions to Nectar, a community development financial institution that assists small-business owners and homeowners with guidance and capital.
The nonprofit works in Massachusetts communities where there’s usually not much access to either.
In a news release Tuesday, Nectar said it received the maximum award under the Community Investment Tax Credit Program of the Massachusetts Executive Office of Housing and Livable Communities.
Read the article
Small Business Loan Officer Kristin Wallace recently served on a panel at the City of Lawrence’s Capital Access event, where she connected with local small business owners, startups and aspiring entrepreneurs about how Nectar’s products can support their growth. We caught up with Kristin after the event to hear her perspective on the challenges that small businesses face in accessing capital and what resources are available to them here in Massachusetts.
For small businesses looking to grow, what are some of the biggest barriers in accessing capital?
Many of the entrepreneurs we serve face systemic barriers that go far beyond credit history or collateral. Racism, language access challenges, immigration status, gender bias, and limited access to fair and affordable financial products all contribute to persistent funding gaps. Capable, experienced business owners in historically disinvested communities are often denied capital because traditional financial systems were not designed with their experiences or realities in mind. As a result, entrepreneurs of color, women business owners, and low-income entrepreneurs are frequently underfunded — not because they are underprepared, but because the system itself is not equitable.
What is Nectar doing to overcome those barriers?
Nectar is committed to reimagining how capital flows to historically disinvested communities. We …
Nectar Community Investments, a community development financial institution (CDFI) and community development corporation (CDC), has received $375,000 in tax credits from the Massachusetts Executive Office of Housing and Livable Communities Community Investment Tax Credit (CITC) program. Nectar received the maximum award, which incentivizes donors with a 50 percent refundable state tax credit to support the organization’s work of providing capital, advisory services and other assistance to small business owners and homeowners.
“We’re grateful to the Healey-Driscoll Administration for this impactful award, which recognizes the integral role that CDCs like Nectar play in building generational wealth in Massachusetts,” said Nectar Executive Director Glynn Lloyd. “As we continue in our mission to grow the assets and wealth of underserved communities, we encourage donors across the Commonwealth to take advantage of this win-win opportunity: earning state tax credits while investing in economic mobility, climate resilience and more.”
Since its launch in 2012, the CITC program has been a flexible, unrestricted and integral source of funding for CDCs and civil society organizations (CSO), promoting local innovation and long-term impact. At Nectar, CITC contributions seed new programs and drive innovations, support ongoing programs and operations, fill funding gaps, and leverage other resources. Donors receive a 50 percent …
