Nectar provides first loans to Rhode Island businesses
NECTAR COMMUNITY INVESTMENTS PROVIDES FIRST LOANS TO RHODE ISLAND BUSINESSES Nectar Community Investments, a community development financial institution (CDFI), today announced its first set of financings for four Providence small businesses: Dolce & Salato, Ja Patty, Nuñez, and Stack House. All four businesses are using the funds to make a positive impact in the community by opening new spaces, expanding their operations or renovating existing facilities. “Rhode Island is a dynamic state with a thriving small business landscape, and we’re excited to join the ecosystem and offer our skills and resources to its innovative entrepreneurs,” said Nectar Executive Director Glynn Lloyd. “We look forward to watching Dolce & Salato, Ja Patty, Nuñez and Stack House continue to grow and become anchors of their Providence neighborhoods.” Nectar specializes in providing flexible growth capital, technical assistance, and strategic advisory services to small business owners and homeowners in historically disinvested communities. In various reports, Rhode Island-based researchers had identified gaps in the state’s economic ecosystem for this type of support, so Nectar joined forces with ecosystem collaborators in early 2024 to expand our network and increase awareness of new capital opportunities for small businesses. Nectar received crucial support from the Rhode Island Foundation to expand its …
