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Dear fellow entrepreneurs, homeowners, and allies,
We are excited to be sharing our first newsletter as a newly merged organization, Mill Cities Community Investments (MCCI) + Foundation for Business Equity (FBE). It is fitting that it’s coming out in the spring which represents new beginnings and growth.
The merger of MCCI and FBE enables us to more effectively expand our offerings of loan and equity capital products to our small business ecosystem. Our whole team is excited to strengthen and build on MCCI's platform as a community development financial institution (CDFI) to support small businesses and residential homeowners across the Merrimack Valley and Massachusetts to increase our community-owned assets.
Please enjoy our newsletter and get to know more about what we are doing as a combined and strengthened organization.
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Glynn Lloyd, Executive Director | |
MCCI Business Equity Investment Fund Closes First Deal | Former Banner Editor and Publisher Melvin B. Miller with new owners Ron Mitchell (left) and Andre Stark (right) at the Banner’s Dorchester office. Photo Source: Erint Images | |
We are thrilled to share that we have closed our first Business Equity Investment Fund deal with Mitchell-Stark Enterprises for their acquisition of the Bay State Banner, the longest-running Black-owned newspaper in our region, published by Melvin B. Miller since 1965.
Through the Fund, MCCI purchases company stock to support the long-term growth and development of a business as an equity investment. “Our commitment in launching the Business Equity Investment Fund is to ensure that our entrepreneurs have fair access to diverse financial resources so that they can thrive, create opportunity, generate wealth, and drive broader economic growth across the state,” shared Anthony Rust, MCCI Business Equity Finance Ecosystem Director.
Learn more about the Business Equity Investment Fund.
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MGCC Inclusive Recovery Grant Program is accepting applications for grants up to $75,000 for eligible small businesses negatively impacted by the pandemic. Deadline to apply April 28th. Apply today.
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Eastern Bank has launched the Equity Alliance for Businesses, to support underrepresented business owners through a 1:1 banking relationship. Learn more here.
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The Business Equity Initiative (BEI), our award-winning 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. Apply today.
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Featured Business: Makergadgets | |
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In 2022, Makergadgets, a Salem-based producer of sealed enclosures for 3D printers, closed a Salem Community Business Loan through MCCI. Prior to this loan, Gus Munoz, CEO of Makergadgets, was cash-strapped and had considered closing shop with his partner, but there was still a strong demand for their product. Since receiving a loan from MCCI, their products have been purchased by Apple, Texas Instruments, Boeing, and state universities across the country.
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"Because of MCCI, we’re back in business... This loan basically got us the next generation of products."
- Gus Munoz, Founder and CEO of Makergadgets
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Small Business Success Highlights
Since 2017, our high-touch advisory program, the Business Equity Initiative (BEI), has supported 100+ entrepreneurs of color to grow and scale their businesses. We continuously celebrate the successes and community impacts of our graduates and participating enterprises. Here are a few highlights:
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MathTalk's CEO Omo Moses, BEI Graduate XI, and the son of civil rights leader Bob Moses spoke about math education as a civil rights issue on WBUR.
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Proverb Agency, BEI Cohort II Graduate, was awarded two Shorty Impact Awards in Best in Hospitality and Travel and Campaign by Black-Owned Business for their second phase of the All-Inclusive Boston Campaign, "Boston Accents"!
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Massachusetts Makes Bold Step to Greener Future | |
MCCI + FBE is committed to helping our communities transition to clean energy, we were encouraged by the release of the Clean Energy and Climate Plan (CECP) for 2050, which outlines a clear roadmap to drive Massachusetts to net-zero carbon emissions by 2050. The 192-page report breaks down sector-specific emissions goals to demonstrate how the state will reach this goal. Additionally, the plan emphasizes the importance of environmental justice in the clean energy transition to ensure all residents have equal access to the solutions.
See below for the 2050 Key Benchmarks and review the full report.
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Retirement - Steve Maguire, Residential Loan Officer | |
Steve Maguire retired after 40+ years of experience in mortgage lending. He had been a valuable member of MCCI for over seven years. He was instrumental in leading our efforts for MassHousing’s Get the Lead Out Program and building our residential department. We thank Steve for his lifelong commitment to helping so many families reach their home dreams. Steve, happy retirement!
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Boston Globe: Eastern Bank spinoff and Lawrence nonprofit team up to boost local entrepreneurs | | |
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Thank you to Jon Chesto and the Boston Globe for sharing the major milestone in supporting underserved communities. We want to thank FBE's founding funder, Eastern Bank, for their long-standing commitment to addressing racial wealth inequities and driving economic inclusion. Read the full article here. | |
Forbes: Moving Beyond Philanthropy: How Companies Can Create Equity Through Innovative Ways | | |
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Glynn Lloyd, Executive Director of the MCCI + FBE, shares how we have developed innovative financing solutions with our partners and other practices to further equity in this Forbes piece. Thank you, Grads of Life, for your collaboration and leadership in sharing impactful #DEI strategies and practices. Read the full article here. | |
Join us in welcoming our new team members and celebrating our promoted staff! We are pleased to have a growing and dynamic team with a shared passion to serve and support our communities. | |
Alexandra Nova,
Senior Director of Strategy and Operations
Read her full bio.
Email: alexandra.nova@mccinvest.org
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Isaiah Romulus,
Development & Impact
Associate
Read his full bio.
Email: isaiah.romulus@mccinvest.org
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Jennifer Sanchez,
Residential Loan
Officer
Read her full bio.
Email:
jennifer.sanchez@mccinvest.org
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Cinthia Gomez,
Residential Loan Officer
Read her full bio.
Email: cinthia.gomez@mccinvest.org
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Ken Berard,
Portfolio Manager
Read his full bio.
Email: ken.berard@mccinvest.org
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Thank You To Our Recent Funders | |
We are extremely thankful for the support of all our funders. Here is a list of some of our most recent funders that allow us to make our work highlighted in this newsletter possible. | | | | |
