Luis Yepez (left), COO of Mainstream Global, and Michael Hicks (right), BEI Strategic Advisor, discuss their BEI experience at the Cohort 5 Kick-off Event in February 2020
July 2020 Interview with Luis Yepez, Chief Operating Officer of Mainstream Global
Q1: Tell us about your business, how you got started, what you do, etc.
Mainstream Global was founded in 2000. Mainstream Global offers verifiable, environmentally responsible, financially sustainable IT Asset Disposition (ITAD) services. We focus on markets in the US and Latin America and work with a full range of clients from small family-owned businesses to Fortune 50 companies. Mainstream Global is the largest ITAD service in our market in terms of geographic coverage and the only company to have 6 self-owned and operated facilities throughout the Americas that are ISO and R2 certified. We are firm believers in establishing processes and procedures which permit us to offer uniform quality standards throughout all our facilities. We provide environmentally responsible solutions that help customers save money, increase profits, and ensure brand protection while safeguarding the environment. Our services include providing IT asset testing, data destruction, as well as onsite data erasure and refurbishment services. We help technology-driven companies maximize the residual value of their high volume off-lease, enterprise equipment, and customer returns.
Q2: What was your experience with financial inequity?
We are a first-generation American family originally from Ecuador whose parents didn’t work for corporate America and as such did not have the financial network and know-how which we would later need as our company grew. Although the company had been successful, we were plateauing and had difficulties breaking through to the next level. The growth we were looking for required a different level of experienced business partners, capital, and a larger network. We worked very hard to build our business with our local networks, but we needed a different way to open doors to unlock our growth. That’s where the Foundation for Business Equity (FBE) came in. FBE partnered us with an amazing consultant, Michael Hicks, who helped us see weaknesses within our company and set concrete goals to fix them. Additionally, we worked together to build a 5-year growth plan to double our sales. It has been an incredible experience.
Q3: How did you come in contact with FBE?
My brother heard about FBE and asked me to look into it. After going through a rigorous selection process, right from the start, FBE took the time to really understand what we do and how we do it. Based on their understanding, they paired us with a Strategic Advisor they felt could help make an impact on our growth. And Michael helped us do just that – we’ve seen tremendous growth since our involvement with FBE.
Q4:What were you able to accomplish together?
For a year, we met weekly with our Business Equity Initiative (BEI) Strategic Advisor. He held us accountable to deliverables, which helped us develop the structure we needed to enter into this next period of growth at Mainstream Global. Along with our Advisor’s insight and mentoring, we were able to develop a five-year plan to double our sales and follow a concrete path to move our business forward. We also assessed the conditions that would enable us to successfully implement our plan. It has been amazing.
FBE also provides monthly CEO Roundtables where guest speakers are brought in to discuss business leadership topics with business owners to augment the overall FBE experience. FBE is all about helping businesses and business owners to grow. It’s a fantastic organization.
The Strategic Advisor we were paired with had experience working with Fortune 100 companies, which was incredibly helpful in enabling us to understand the mindset and expectation of this type of client. As a result, when we are pitching new business, we’re better prepared in understanding what’s important to the company. As a result, we have had incredible success.
Q5: What do you have to say to other business owners especially now?
As entrepreneurs, we inherently are optimists and have faith that we will find a solution to whatever problem we may confront. However, we, as business leaders, must also face the harsh reality of the conditions we are operating in, especially during this global pandemic, and take the time to analyze the strengths and weaknesses of our companies. Having this understanding will help to chart a course that will not only lead you through these challenging times but keep you on track to continued growth.
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. …
We’re thrilled to share that the Massachusetts Clean Energy Center (MassCEC) has awarded Nectar Community Investments a $50,000 EmPower Implementation grant to increase access to the benefits of clean energy and reduce the energy burden on historically underserved populations across Essex and Middlesex counties. MassCEC funding will support Nectar residential lending activities, including providing financing to low- and moderate-income homeowners for clean energy and energy efficiency upgrades, as well as ongoing community engagement efforts to increase awareness and education of available offerings.
As our Executive Director Glynn Lloyd wrote in this CommonWealth Beacon op-ed, a study from the American Council for an Energy-Efficient Economy shows that low-income households face dramatically higher energy burdens – spending a larger share of their income on energy bills – than the average household. At the same time, programs for energy improvements have largely focused on electrifying or decarbonizing units in larger multifamily buildings rather than on single-family homes, and low-income communities are also vulnerable to predatory lending practices. Nectar offers flexible, innovative financing options that empower homeowners to save money, cut emissions, and ultimately enhance home quality and stability, and we’re grateful to MassCEC for its support and leadership as we continue to pursue this …
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.
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