The Black Economic Council of Massachusetts, Inc. (BECMA) advances the economic well-being of Black businesses, organizations that serve the Black community and Black residents of Massachusetts. In 2016, BII provided a start-up grant to BECMA. Learn more
Theodat Insurance was the first Haitian insurance agency in Boston and for 38 years built a profitable relationship-centered insurance agency in Dorchester. The founder is passing his business on to his daughter, Marie-Armel Theodat, who has the opportunity to acquire clients from All State and form the new All Towns Insurance. BII provided Marie-Armel with a loan to help her acquire this book of business and keep ownership and employment in her community.
Accion is a nonprofit organization providing small business loans and financial education to entrepreneurs. Since 1991, Accion East and Online has provided over $132 million in over 20,000 microloans, helping to grow small businesses and strengthen the communities they serve. The Boston Impact Initiative has partnered with Accion to create the New Ownership Fund, a small business loan and technical assistance program that strengthens opportunities for Boston’s urban entrepreneurs. Learn more
Advoqt is a provider of IT outsourcing, consulting and staffing services. Founder Reinier Moquete’s ambition is to become one of the country’s largest minority-owned IT service providers and to create career opportunities for Black and Latino employees, who are estimated to make up as little as 4 to 5 percent of the tech workforce. In 2016, BII provided a convertible debt investment to support implementation of key growth strategies. Learn more
99 Degrees Custom is a Lawrence-based light manufacturing company specializing in sewn and bonded sports and activewear. Employing more than 40 people who are 95 percent people of color and 60 percent women, 99 Degrees is pioneering a future where apparel is built by an empowered workforce, robotics, lean process and agile systems. The Boston Impact Initiative provided an initial loan in 2014 to help secure a major contract and a second loan in 2016 to support business growth. Learn more
88 Acres is an artisan food enterprise that produces healthy snacks free of the top eight food allergens. Their Dorchester-based manufacturing center generates more than a dozen good jobs for the local community. In 2017, BII Fund made a convertible debt investment to provide growth capital for expansion throughout the New England and Mid-Atlantic regions. The investment included impact covenants focused on maintaining fair wages, team diversity, local sourcing, employee stock option program, and more. Learn more