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Dear fellow entrepreneurs, homeowners and allies,
As summer is in full swing, we are all eager to gather and connect with friends and family! Last month, we had the opportunity to do just that at our summer networking mixer. It was wonderful to see so many of you—our partners, clients and supporters—come together for community building.
As we reflect, this quarter’s newsletter will highlight some of our most recent efforts in strengthening community ties and forging new partnerships:
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Business Equity Initiative (BEI) for Diverse Developers: An exciting collaboration supporting the City of Boston’s Welcome Home, Boston initiative.
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NXGN Camps Equity Investment: One of the only Black-owned and led football sports camps in the country and our most recent equity investment.
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Energy Saver Home Loan Program: An addition to our residential loan products offered through the Massachusetts Community Climate Bank.
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Aiyah Josiah-Faeduwor: Our recently hired loan development officer, based in Rhode Island.
Read on to learn more about these updates and other news.
With gratitude,
The MCCI + FBE Team
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Business Equity Initiative (BEI) for Diverse Developers: Supporting Boston’s Affordable Housing Efforts | |
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MCCI + FBE is proud to be a lending and advisory partner with The Life Initiative for the Welcome Home, Boston project. Launched by Mayor Michelle Wu, this project aims to create affordable homeownership by converting underutilized city-owned parcels into affordable housing units. The developers involved are state-certified minority, women, and Black, Indigenous and People of Color (BIPOC) businesses.
Together with our partners, we provide advisory services and pre-development financing to these developers. Building on our Business Equity Initiative (BEI), the BEI for Diverse Developers was launched this year to support Welcome Home, Boston. We offer one-on-one advisory assistance both pre- and post-loan.
To learn more about Welcome Home, Boston, click here.
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MCCI Invests in NXGN Camps: Advancing Family-Run Businesses and Future Local Talent | |
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MCCI has made an important equity investment in NXGN Camps, a family-run, Black-owned business dedicated to preparing middle school and high school underclassmen football players for college programs. This move is pivotal, considering that about 53 percent of NFL players are Black. NXGN, headed by retired New England Patriot Brent Williams, is one of the only Black-owned sports camps in the United States, serving a critical role in discovering, preparing and propelling the next generation of great football players.
Check out the full press release and learn more about our Business Equity Investment Fund.
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Business Success Highlights
MCCI-supported small business clients, including our BEI participants, continue to make significant strides:
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Awards & Accolades
News & Press
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Meet the Team: Aiyah Josiah-Faeduwor, Rhode Island Business Development Lending Officer | |
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We are excited to introduce our new Rhode Island Business Development Lending Officer, Aiyah Josiah-Faeduwor.
Aiyah is a proud Rhode Islander with 15 years of experience in community work at the intersection of economic development and social impact. Click here to read Aiyah's full bio and meet the rest of our team
Questions for Aiyah about our work in Rhode Island?
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Energy Saver Home Loan Program: A Step Towards a Cleaner Future | |
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As an organization that offers sustainable home improvement loans for a cleaner, healthier, and safer community, MCCI is pleased to be an originating lender for the Massachusetts Community Climate Bank’s “Energy Saver Home Loan Program.” This new program is designed to assist homeowners in making clean energy improvements that cut energy usage and reduce greenhouse gas emissions.
Backed by MassHousing and the Massachusetts Governor's Office, read the full press release here.
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Empowering Lawrence Homeowners: Jonathan Guzman's Journey to Sustainable Solar Ownership | |
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Lawrence homeowners, predominantly Latino and many born outside the U.S., often face predatory lending practices and are unaware of available solar incentives, leading to unfavorable leasing terms. To address this, MCCI launched the Solar Plus program, offering an affordable solution for homeowners interested in owning their rooftop solar panels. The program included an educational campaign on the benefits of solar installation. Jonathan Guzman, a Lawrence homeowner, attended one of these workshops and, despite concerns about solar leasing options, was determined to own his solar panels.
Jonathan chose MCCI for our commitment to sustainable residential loan products, supporting small businesses, and fostering community development. Our flexible lending options and personalized financial advice catered to his needs. Jonathan, who lives in a 1950s single-family home, worked with MCCI and specialists to finalize a project plan including heat pumps, solar panels, an EV charger, and a roof replacement. These upgrades will generate 114% of the home's electrical usage. The loan program has enabled Jonathan to make significant home improvements, contributing to long-term savings and sustainability.
Click here to read Jonathan's full story.
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"Securing this loan enabled me to undertake several important home improvements. I was able to repair my roof, upgrade my electrical panel, conduct a MassSave audit, reinforce the infrastructure in my attic, and install an electric car charger."
– Jonathan Guzman, Lawrence homeowner
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MCCI + Partners Advocate for MA Small Business Support in the Boston Business Journal
Our Executive Director Glynn Lloyd and partners wrote an op-ed in the Boston Business Journal on getting capital to those in need and tackling housing, cost of living, and wage issues. We're grateful to have teammates like Tracye Whitfield at Coalition for an Equitable Economy (CEE), Betty Francisco at Boston Impact Initiative (BII), and Jeff Hamilton at Springfield Neighborhood Housing Services (SNHS), Inc. in our work to help Massachusetts entrepreneurs of color succeed. You can read the op-ed here.
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BEI Businesses Recognized Among Massachusetts' Largest Minority-Owner Enterprises
Congratulations to our Business Equity Initiative (BEI) Business that were listed among Boston Business Journal's (BBJ) list of Largest Minority Owned Business! The list includes Archipelago Strategies Group (ASG), Arka HR, Bluebird Graphic Solutions, City Fresh Foods, DRB Facility Services, Emvision Productions, Omze Authentic Tequila, Mezcal, Spirits, Inc, Silverio Insurance Group, Studio Luz Architects, Synergy Contracting, UHM Properties, Waku Inc, and WindWalker Group.
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Glynn Lloyd featured in Boston Magazine's 150 Most Influential Bostonians
Boston Magazine named Glynn Lloyd to its list of the 150 Most Influential Bostonians. Check out No. 48 to learn how Glynn is shaping the future of our Commonwealth. Thank you, Boston Magazine, and congratulations to all who were listed!
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Glynn Lloyd Appointed to Energy Transformation Advisory Board
We're thrilled to announce that the Healey-Driscoll Administration has named Glynn Lloyd to the Energy Transformation Advisory Board, which was highlighted in the Boston Globe. Thanks to the administration for its leadership.
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Celebrating Community: Our Summer Networking Mixer Recap | |
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Last month, we began a season of connection and celebration with our entrepreneurs, residential and small business partners, and staff at our Summer Networking Mixer. Held at the Tree House Brewery in Tewksbury, MA, it was a fantastic way to start the summer. We appreciate all our guests for making the event memorable and highlighting the importance of community building.
Explore all the event photos and read the recap here.
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Thank You, Source Capital Partners and Funders | |
Grant Win: Building Generational Wealth in Boston | | |
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We're thrilled to announce that The Boston Foundation has awarded MCCI a three-year, $300,000 grant, which will support our work building generational wealth in Greater Boston. With these funds, we'll continue to innovate and deliver loans, investments, strategic advice and advocacy to our commercial and residential customers. Thank you to TBF for its commitment to our mission and vision, and for leading the charge for equity in the region! You can learn more about TBF by clicking here. | |
Community Investment Tax Credit (CITC) Award | |
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It is an honor to announce that we received a 2024 Community Investment Tax Credit (CITC) allocation.
Thank you to the Commonwealth of Massachusetts and our legislators for this important funding tool that incentivizes investment in community development and drives significant impact. Read the full press release here.
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The Business Equity Initiative (BEI): Our award-winning BEI advisory program, is accepting applications for our next cohort. Entrepreneurs work with a dedicated team of advisors for 9 months to create and implement a customized growth plan. Click here to learn more about the program and apply. | | | | |
