Pristine Engineers Inc Receives BII Funding

Pristine Engineers provides engineering, design, and construction administration services on HVAC, electrical, plumbing, fire protection, and renewable energy systems. They design energy-efficient systems for buildings in New England that result in energy and water savings. Founder and owner, Golam Mustafa and his team of nine have over 170 years of collective experience in the field and continue to serve customers in Raynham, MA and beyond. Mr. Mustafa, is committed to hiring diverse team members and providing opportunities for career development. In 2019, BII made a loan to support company growth.

BII Seeks Marketing and Finance Interns

Boston Impact Initiative is looking for two interns for the 2019-2020 academic year. These are unpaid internships, but we can provide support needed to get school credit. See the descriptions below and email with a resume and brief cover letter if you’re interested! Deadline for applications is Oct 1.

Marketing Internship

BII is seeking a resourceful marketing intern at our South End office for 10 to 15 hours per week to write content for our website and social media channels and help with occasional event planning.

About you: Must have a demonstrated interest in social entrepreneurship, social justice, and/or impact investing. Can be studying communications, marketing, entrepreneurship or a related field. Must be an excellent writer, self-directed, and a quick learner.

Finance Internship

BII is seeking a motivated finance intern at our South End office for 10 to 15 hours per week to conduct financial research and analysis on small businesses in a variety of sectors.

About you: Must have classroom, internship or work experience conducting financial research and analysis. Can be studying business, economics, or math. Must have an analytical mind and experience with small businesses or social enterprises is a plus.

MathTalk Secures Funding for Mathscapes and App

MathTalk is a community-focused education technology Public Benefit Corporation based in Cambridge, MA. Founder Omo Moses is an educator and nonprofit leader who was inspired to start the company when his son was born. There is a 60% gap in cognitive development between children in the highest and lowest socioeconomic groups. That’s why BII has invested in MathTalk, which serves kids of low-income families and encourages holistic engagement in math and numbers from a young age. Using playful installations and tech products, MathTalk promotes early math and language development. It uses the latest scientific research on cognitive development and is rooted in the cultures of local communities of color. A BII investment in August 2019 will enable Math Talk to further develop its Mathscapes and mobile app.

TARTTs Day Care is Poised for Growth

Tartts Day Care is family-owned business that provides quality childcare services for children ages two months to five years. Founded by African-American nurse Bessie Tartt Wilson in 1946, the company is now run by second, third, and forth generation family members. With a 1 to 5 staff to child ratio, TARTT’s offers thoughtful curriculum and activities, and healthy meals for over 250 kids annually. They  plan to operate five boutique childcare centers in the Boston area by 2024. In 2019, BII made a loan for operational expenses of establishing a new center.

Five Star Plating Invests in Manufacturing Jobs

Five Star Plating provides quality metal coating and plating services in the greater Boston area. Headquartered in Lawrence, MA, they employ over 47 community members and plan to grow their productive capacity, offer new services, and automate processes, thereby adding 30 jobs in the next three years. The CEO and founder, Fausto Garcia, is a Latino business owner with more than 20 years of experience in the metal plating industry. Garcia and his business have been selected as recipients of the Eastern Bank Business Initiative, and alongside a BEI strategic advisor, they are executing a strategic growth plan. In 2019, BII provided Five Star Plating with a loan to facilitate this growth.

Meetcaregivers Receives Funding to Build New App

Meetcaregivers is a home health care business that connects families with pre-screened and qualified caregivers for their aging parents at as much as half the cost of traditional agencies. Co-founder Florence Fuhara was a caregiver early in her career. She started the company with a mission to improve caregiver pay, reduce the cost of home care, and improve coordination to help more seniors receive the care they need, decrease readmission to hospitals, and enable more seniors to age at home.

Recently, the business developed a basic/free version of an app that can track and coordinate health among caregiver and family members. In June 2019, BII participated in a growth capital loan as the company plans to further develop the app and to hire both a technology team and a marketing and sales team.

Sunwealth Receives an Equity Investment to Fuel Growth

Sunwealth is a clean energy investment company that brings solar power to a diverse range of organizations and communities across New England and the US. These include nonprofits, local businesses, houses of worship, and schools, and the company ensures that many of its projects provide access to clean energy in communities of color. In 2017, BII made two loans to finance solar projects in low-income neighborhoods. BII’s equity investment in June 2019 will support the company’s growth as it expands its portfolios of solar projects. We are excited to see what this stage of growth will bring!

BII releases its 2018 Impact Report

The Boston Impact Initiative Fund released its 2018 Impact Report. The 18 enterprises in the fund are majority owned, run and staffed by people of color. The vast majority of employers pay well above a living wage, and there is no gender wage gap. Every dollar that we invested leveraged $14 of follow-on capital. Read the report.

Somerville Community Corporation Receives Bridge Loan for Affordable Housing Project

Somerville Community Corporation is a membership organization that provides leadership for sustaining the City of Somerville as a vibrant, diverse and tolerant community. The SCC offers services and leads community organizing that supports low- and moderate-income Somerville residents in their efforts to achieve economic sustainability and increase civic participation. One of their core affordable housing development programs is “100 Homes”. To that end, they have acquired 47 affordable housing units in the last 3 years and plan to acquire the last 53 within the next 2 years. As they balance multiple funding streams for this ambitious and important project, BII is offering them a bridge loan until the reception of outstanding receivables from the City of Boston. Learn more.

Futuro Media Group Receives Bridge Loan

Futuro Media creates multimedia content for and about underrepresented communities in an increasingly diverse world. FMG has developed the Community Podcast Lab, a 15 week pilot program in Boston focused on elevating the narratives and story-telling skills of people of color in Boston. In 2019, BII provided a $150,000 bridge loan to cover costs of the Community Podcast Lab until the reception of a MacArthur Foundation Grant. Learn more.