STRENGTHENING OUR SERVICES TO CLOSE THE WEALTH GAP
March 2022
Dear fellow entrepreneurs and allies, 

As we emerge from winter and hopefully the worst of our collective experience with the pandemic, I really do look forward to seeing more of you face-to-face in the upcoming months.  

The Foundation for Business Equity (FBE) continues to support Black- and Latinx-owned small businesses with our unique intensive high-touch wrap-around approach. We are also excited to share the next stage of our more formalized relationship with Mill Cities Community Investments (MCCI). The expectation is that FBE and MCCI will be one organization later this year. We'll soon be providing strategic advice and an assortment of capital products under one roof. We'll keep you all informed as we move towards this historic milestone.

Please enjoy our newsletter with updates on our efforts to strengthen our small business ecosystem.
In struggle,

PROGRAM UPDATES
New Capital and Equity Products

FBE works closely with capital access partners to provide growth capital directly to Black and Latinx small business owners to develop new financial products to address the gaps. Mill Cities Community Investments (MCCI) is rolling out two new products:

  • Business Equity Investment Fund: Patient capital that purchases company shares to support growth
  • Invoice/Contract/Purchase Order Financing: Cash flow financing to support contract execution
If you are interested in learning more about these capital products and others, please click here.
"Since inception, the Business Equity Ecosystem's financing arm has continued to expand and create new products and vehicles. Our financing philosophy is to meet BIPOC businesses where they are, and not try to provide a one-size-fits-all funding ideology."

Anthony Rust, Business Equity Finance Ecosystem Director, MCCI
ADVOCACY
The Coalition for an Equitable Economy Policy Update
FBE is a founding member of the Coalition for an Equitable Economy (CEE). During the fall of 2021, the CEE launched a legislative campaign to allocate federal pandemic funding to underserved small businesses. Subsequently, Governor Baker signed the American Recovery Plan Act (ARPA) bill that includes $75 million for Massachusetts Growth Capital Corporation (MGCC) to distribute to negatively impacted small businesses. See below on how to apply to MGCC’s new grant programs.

The CEE is continuing to advocate to the Legislature for an additional $300 million of ARPA funds into a Small Business Relief and Recovery Fund. If you wish to support CEE’s effort, contact your legislators and sign the support letter here.  
APPLY TODAY- GRANTS FOR MA SMALL BUSINESSES
The Commonwealth of Massachusetts has made $75M in grants available to small businesses, administered by the Massachusetts Growth Capital Corporation (MGCC). Grant funding is intended to help small businesses adversely impacted by the pandemic. The two grants are the New Applicant Grant Program and the Inclusive Grant Program.

Learn more on how to apply here.


The application deadline is Monday, April 4th.

SUCCESS STORIES
Business Profile: Ardent
As we celebrate Women’s History Month, it’s an honor to highlight one of our accomplished women business owners and BEI graduates, Shanel Lindsay, CEO of Ardent Life Inc. Founded by Shanel in 2015, Ardent is a biotechnology business in the cannabis industry. Click here to learn more about Shanel’s FBE experience.


“Working with BEI gave us the support and guidance we needed to pull away from the frantic day-to-day revenue chase and work on the core foundational aspects of the business. Having a dedicated and supportive
advisor and financial support allowed us to strategically focus on Ardent’s future."
-Shanel Lindsay, J.D., CEO, Ardent

Business Equity Initiative Cohort VI and VII Graduates


Congratulations to our Business Equity Initiative (BEI) Cohort VI and Cohort VII business graduates for their successful completion of the program. 
IN THE NEWS
FBE Named Top 50 Innovator by Boston Business Journal

FBE is honored to have been recognized by the Boston Business Journal’s (BBJ) Fire Blazer Award for being one of the top 50 businesses setting Boston’s innovation ecosystem ablaze.
A Seat at the Table: Black-Owned in Business by NBCBoston
Kandace Cummings, owner of Anita Kurl and participating business in the Business Equity Initiative (BEI), and BEI graduate Nia Grace, owner of Darryl's Corner Bar & Kitchen in the NBCBoston's series, "A Seat at the Table: Black-Owned in Business."
BEI ACCEPTING APPLICATIONS FROM BUSINESSES
The Business Equity Initiative (BEI) is accepting applications for the next cohort of participating businesses. Business owners work with a dedicated team of advisors for 9 months to create and implement a customized growth plan to meet goals and needs.

Eligibility Criteria:
  • Minimum of $500k in annual sales
  • Located in Eastern MA, Southern NH, or Northern RI
  • Black or Latinx majority owned and led for-profit business
  • Committed company leadership, receptive to coaching and guidance
  • Solid business model with distinct product/service/market and growth potential