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 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 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.
“Beautiful food for beautiful people” – so goes the motto for 50Kitchen, a 20-seat startup restaurant and catering service opening soon in Fields Corner, Dorchester. The fusion cuisine menu bringing together Asian and Southern influence is inspired by the neighborhood’s multicultural population. Chef Anthony Caldwell, the owner of the restaurant, is a native from the area and brings 14 years of culinary experience from kitchens in the Boston area. BII is providing a working capital loan for construction, equipment, furniture, and startup capital as Chef Anthony prepares to open his doors. Learn more.
Care Academy provides professional and family caregivers with high-quality online training classes to help deliver the best care to older adults with the support, guidance and compassion needed to improve their quality of life. The platform makes it easier for caregivers to upskill and continue their education to better serve clients and advance their careers. Co-founders Helen Adeosun and Dr. Madhuri Reddy are committed to serving caregivers who, like themselves, are often women of color and immigrants. In December 2018, BII Fund participated in an equity round. Learn more
Maven Construction is a woman- and minority-owned general contracting firm that provides construction management services. The Dorchester-based start-up focuses on energy efficiency and energy retrofit projects with healthcare and research institutions, multi-family housing, educational institutions and municipal projects. Founder JocCole “JC” Burton is a successful 23-year construction industry veteran who plans to develop innovative construction careers for people of color and women from the Greater Boston area. In 2018, BII Fund provided project finance to support an energy efficiency project with Howard University. Learn more
Coalition of Occupied Homes in Foreclosure (COHIF) works to stabilize the Greater Four Corners neighborhood of Dorchester by helping residents of foreclosed homes to stay in their homes, developing permanently affordable housing, and helping extend these efforts in other neighborhoods. The organization intends to place its homes into a community land trust. In August 2018, BII Fund provided a loan to support COHIF’s Community Stabilization Pilot Project, advancing crucial anti-displacement strategies in Boston. Learn more
TC’s Repair Service specializes in repairing commercial coffee brewers, grinders, espresso machines, hot water towers and juice dispensers. The company serves coffee chain shops, cafes, restaurants and coffee machine manufacturers. Husband-and-wife team Mario and Rachel Rodrigues decided to acquire the company based on Mario’s experience as a customer of TC’s Repair when he worked at Equal Exchange. In 2018, BII Fund provided financing for the acquisition. Learn more
Mobile Cuts is a mobile barbershop that brings salon services right to your doorstep. The company is capitalizing on the growing trend of corporations and universities to offer services through vendors that stop by one day a week or for a couple hours at a time. In August 2018, BII Fund provided a loan for working capital and to purchase and renovate a second mobile truck. Learn more