Florence* is a low-income resident of Lawrence, earning $14,000 a year at her job as a kitchen aid at a local school. She lives alone in the home she was born in and inherited from her mother. Hurricane Sandy caused severe damage when a tree fell on her roof. The insurance company called it an “Act of God” event and told her she was not covered. The City was about to condemn the house when a city inspector called MCCI and asked for our help. Florence had no credit, but MCCI was able to use alternative credit sources such as church tithing and electric and gas bills.
MCCI approved a loan of $32,000 to help correct the issues and make Florence’s home habitable again. To date, she has not missed a payment and is very happy that MCCI was able to aid her when she had no one else to help her stay in her home.
Florence* is not her real name and is used to protect the privacy of MCCI’s client.
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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