Impact Stories
From our portfolio
2024 Impact Story
And Still We Rise
Many people from diverse communities struggle to find mental health providers who understand them and their unique experiences. That’s what Dr. Natasha Holmes set out to change when she founded And Still We Rise (ASWR) in 2018. “Here, clients don’t have to spend time explaining parts of their identity,” says Dr. Holmes about her practice, which has offices in Boston and Cambridge, MA, and Bellevue, WA. “That saves emotional labor and makes room for deeper healing.”
She hired her first employee in March 2021 and just four years later, she employs a team of 80 clinicians–about 90-95% identify as members of marginalized communities, which she considers to be “invaluable.” To confront inequalities on a systemic level, ASWR also offers a wide range of consulting services to schools, government agencies, and nonprofits. The rapid growth of ASWR–the practice served more than 1,000 clients and conducted roughly 30,000 sessions last year–combined with limited access to traditional capital, forced Dr. Holmes to take on high-interest loans from predatory lenders to cover her increasing expenses. “Stressful is an understatement,” she recalls.
Then her executive assistant met CEO Betty Francisco at an event in spring 2023. By spring 2024, BII and the Black Economic Council of Massachusetts (BECMA) had invested $325,000 in the practice–BII provided a $250,000 loan to refinance the existing debt with more favorable terms and BECMA provided a $75,000 working capital line of credit. “The funding helped us build infrastructure so we can keep growing, without compromising our mission,” says Dr. Holmes, noting that it allowed her to make some strategic hires and technology upgrades, as well as build an internal leadership pipeline. “I don’t suspect we would be here without the support of BII and BECMA.” Now on solid financial ground, Dr. Holmes’ plans for the year include starting profit sharing, launching a feasibility study around employee ownership of the entity, and expanding the consulting practice–all while prioritizing the health, safety, and well-being of her clients. “We’re not just providing therapy,” she says. “We’re shifting the mental health narrative. We’re saying, ‘You matter. Your story matters. And your healing is powerful.’”
Dr. Natasha Holmes, Founder and CEO
2024 Impact Story
Eco Auto
The idea for Eco Auto came to husband-and-wife entrepreneurs Al and Michelle Salas when they realized entire communities were being left out of the booming green vehicle market. “Sustainability in transportation is a privilege,” says Al, who was born in the Dominican Republic and came to the U.S. about 20 years ago. “It’s not democratized.” Founded in Tewksbury, MA, in 2022 with the goal of making pre-owned green vehicles accessible to all, Eco Auto has quickly become one of the fastest-growing used car dealerships in the state. In just two years, its sales of pre-owned hybrid, plug-in hybrid, and electric vehicles (EVs) jumped from $188,000 to $18 million–offsetting about 2.5 million pounds of carbon in total.
Eco Auto’s mission is guided by what Al calls its “triple net impact:” net profits, net zero emissions, and net community benefits. Unlike other dealerships, its salespeople don’t work on commission. Instead, they take a consultative approach with buyers, who are often low-to-middle income, to determine what kind of green vehicle would be best for their lifestyle.
To extend the life of existing EVs and reduce waste, the dealership offers battery repairs and refurbishment. “Not only are we providing access,” Al explains, they’ve saved customers over $1.5 million in rebates, and “we’re also extending the longevity of these vehicles on the road.” Eco Auto is also committed to educating consumers about green vehicles, advocating for the right to repair EVs at the state level, and increasing the availability of chargers in lower-income communities. They recently worked with the towns of Clinton and Gardner in Central Massachusetts to add electric charges.
To make room for the new inventory, Al and Michelle are expanding Eco Auto’s headquarters to the lot next door. Their new space will feature a solar canopy to power the chargers. Also in the works is Eco Auto’s first franchise location in Seattle, Washington. As Eco Auto continues to expand, Al says its purpose will remain the same. “At the end of the day, it’s about what’s best for the environment and what’s best for the communities.”
Al and Michelle Salas, Co-Founders
2024 Impact Story
Wash Cycle Laundry
A business’s most important asset is people, which is not lost on the founders of Wash Cycle Laundry, a commercial laundry and linen rental service. Since its humble beginnings in 2010 in West Philadelphia, the company now has upwards of 150 employees in both Philadelphia and Lynn, MA–in 2017, BII made an equity investment to support its expansion to New England. As it’s grown, it has retained its triple-bottom line focus: clean laundry, clean planet–bikes used for deliveries–and, most importantly, clean slates.
“There are not many jobs like this available to people who speak limited English or who don’t have traditional work experience,” says Director of Social Impact Fredy Hincapie, adding that the majority of Wash Cycle employees are transitioning from homelessness, incarceration, and long-term unemployment. “Our goal has always been to lower those barriers, while still running a successful business.”
Wages start at $18.50 an hour, which is higher than the MA minimum wage. Benefits include short-and-long-term disability, paid time off (PTO), and employer-paid healthcare. As a fun perk, employees get eight extra hours of PTO on their birthdays. There’s also a strong culture of promoting from within–most managers are in supervisory roles for the first time, so Wash Cycle brings in HR experts for professional development workshops.
ESL classes are one of the most popular employee programs at the Lynn location. Held during the slower winter months, these classes are offered during the work day at full pay, thanks to grant funding. “Employees tell us how life-changing it is to attend a class they’d otherwise never have time or money for,” says Fredy. “They’re always asking when the next session starts.”
Through an in-house payroll advance program, employees who’ve completed 90 days can borrow up to one week’s wages – interest-free and without a credit check– to help cover bills when times are tight. Since the program launched, Wash Cycle has issued over 170 advances totaling nearly $204,600, with a repayment rate of over 99.2%.
Employees are referred to Wash Cycle through a variety of hiring partners in each location, such as Roca in MA and Fair Chance Hiring Initiative in Philadelphia. These organizations also provide case management support when employees are struggling.
“If someone is having a hard time, we don’t go straight to write-ups,” Fredy explains. “We call their case manager and ask ‘How can we support this person?’ and then figure out a solution.”
Looking ahead, the company plans to expand its MA location, and explore the launch of an Employer Resource Network (ERN) with other local businesses. Through this model, a shared “success coach” would help employees navigate stressful personal issues like finding an affordable apartment or childcare, or applying for food stamps. “There’s no trade-off between treating people well and running a strong business,” says Fredy. “In fact, we’ve found the opposite to be true.”
Fredy Hincapie, Director of Operations
2023 Impact Story
Valley Home Insulation
Across Massachusetts, homeowners and renters alike can get free home energy audits, free air sealing if needed, free or heavily discounted insulation, and large rebates on heating and cooling system upgrades through a program called Mass Save. For the 1.3 million households in the state who struggle to pay their energy bills, the upgrades can be transformative. Yet many have no idea it exists or that they qualify, especially in low-income and immigrant communities. Valley Home Insulation is changing that, focusing on Spanish-speaking households in Lawrence and nearby cities.
“There’s been such a large gap in people getting services,” says founder and president Abel Vargas. “We’ve been able to tap into a market that hadn’t been spoken to the way we’re able to speak to them.” From outreach, to scheduling, energy assessments, insulation installers, plumbers and electricians, all the work is done by people who not only speak Spanish, but share customers’ culture and local ties.
Through partnerships, referrals, and a loan and business coaching from BII, VHI has grown quickly to five trucks and over 30 employees. You build a team of passionate, capable people, regardless of whether they speak English, and that helps us penetrate the market,” Vargas says. “Part of it is empowering people that oftentimes aren’t told ‘You’re important, your skill set is critical,’ beyond being good on computers or writing a good email.”
By reducing energy demand, VHI is also reducing carbon emissions – and a team is now training to install heat pumps as well, a key step towards ending fossil fuel use. But when talking with customers, they don’t focus on the climate. “La cuenta – saving money is the thing,” Vargas says. And after they’ve sealed up a home, the winter heating bills can potentially drop by hundreds of dollars per month.
Omolara Fatiregun, Founder & CEO
2023 Impact Story
Nuevo Día
On a sunny Wednesday in April, the lunch menu at Nuevo Día Adult Day Health Center was straight out of Santo Domingo: albóndigas de pescado (savory fish meatballs), arroz con gandules (rice with pigeon peas), tayota (chayote) salad, and fruit salad for dessert. It was decidedly not the fare typically served at most elder care facilities, which is known for its blandness. This meal came from Merengue Restaurant a few blocks
away, which Nuevo Día has contracted with to prepare savory Dominican-style food – just on the healthier side (so alas, no fried maduros) and with careful portion control. Venezuelan and Cuban dishes are also available.
“It’s important to provide food that participants like, because they’ll eat it,” says Carissa Figueroa, who co-owns Nuevo Día with three fellow Latinos, all health care veterans. Culturally appropriate food is crucial for good nutrition, she explains, and it also makes elders feel understood and truly cared for. “We have a lot of different cultures here, and we try to reflect that in the food, the music we play, the activities we do, the celebrations that we have, so that people feel heard and respected,” Figueroa says. The staff reflects the diversity of Latin America, and elders are treated like family, not patients.
Adult day health centers play a key role in elder care, providing a way for people with illnesses, limited mobility, balance issues, memory loss, early-stage dementia and other challenges to keep living in the community instead of going into a nursing home. As more and more Latino immigrants reach old age in the U.S., it is crucial that they have access to high-quality, culturally informed care, Figueroa says. This is why she and her partners decided to open Nuevo Día. “We realized there was a huge need, and services were being provided, but not at the level of quality we could provide. That’s why we said, ‘Why not us? We know the client; we know the culture.’”
The 8,000-square-foot center, at the border of Roxbury and Jamaica Plain, opened in mid-2022, with BII investment and support, and now serves over 70 people every weekday, all Latinos, from their 60s to their 90s. It’s a lively, colorful, sometimes boisterous place where care is delivered in a package of fun, creativity and social interaction. “We’re dedicated to fostering an environment of care, respect and support, and our services play a pivotal role in enhancing the quality of life for those we serve,” Figueroa says. Working with BII, Nuevo Día has also articulated key objectives for impact, including living wages for staff and support for small, minority-owned businesses, who make up 90% of its vendors. “At our core, we exist to uplift our community,” she says, “and this is reflected in every aspect of our operations.”
Carissa Figueroa, Director
2023 Impact Story
Roundhead Brewing
When Craig Panzer and Luis Espinoza were preparing to open Roundhead Brewing Company in Hyde Park, they wanted to pay their workers fairly. Their plan was to track employees’ wages and tips and, if they fell short of an hourly minimum, make up the difference.
BII Board Member Mike Leyba pushed them to go further and abolish tips. “It was more challenging for us, but we realized it was the right thing to do,” Panzer says. “Tips change the power dynamic between customers and staff.”
The task then was to develop a viable alternative to tipping. Panzer worked with BII Impact Director Aliana Piñeiro and Senior Associate Zack Neville Young to come up with a plan. They settled on a 20% administrative fee and a 3% benefits fee to be added to all guest checks.
The 20% fee makes it possible for Roundhead to pay a starting wage of over $22 per hour (based on MIT’s Living Wage Calculator), which is more than triple the Massachusetts tipped wage (currently $6.75). The brewery calculates the difference between the two wage levels and retains that amount from the fee revenue, based on the hours each person worked. When there is a surplus, it is shared by all the employees, just as pooled tips would be.
“This way we can guarantee living wages, while closing the gap between the front and the back of the house, ensuring that each role at Roundhead Brewing is truly valued,” Panzer says. The 3% benefits fee, meanwhile, has enabled Roundhead to offer more generous benefits, such as dental insurance and retirement funds.
“This quality of life is something every member of the restaurant industry deserves, just like workers in other industries,” Panzer says. “We believe in taking care of our local community, starting with our workers, and we’re proud to be making an impact through our wage policy.”
Craig Panzer and Luis Espinoza, Co-Owners
2022 Impact Story
Rozki Rides
East Boston has the highest concentration of Latinos in the city: 50.4% as of 2020. Immigrant and working-class families found affordable, transit-connected housing here and built a vibrant community between the highways, airport and sea.
The real estate boom in Greater Boston has dramatically changed the neighborhood, however. Rents have risen steadily, and new luxury apartment and condo complexes are proliferating.
So when Tanya Hahnel, project manager at the East Boston Community Development Corporation, saw a portfolio of triple-deckers with 114 units for sale in the neighborhood, she knew that dozens of families were at risk of displacement. But she also saw an opportunity, so she reached out to Mike Leyba, co-executive director of City Life/Vida Urbana.
The two nonprofits had already partnered once to buy and preserve some affordable units in East Boston. And Leyba was already in a fellowship program – alongside BII’s Investment Director, Henry Noel Jr – to explore ways to acquire more properties, and had been learning about the Kansas City-based nonprofit Trust Neighborhoods’ use of mixed-income neighborhood trusts (MINTs) to buy and preserve affordable housing.
The East Boston houses were listed for $47 million, and the nonprofits knew they would be competing with developers eager to buy them. They could secure some financing through the City of Boston, but they still had to raise millions more from private sources. That’s where BII came in – and BII board member Lisa Owens, executive director of the Hyams Foundation. The Boston-based foundation focuses on increasing economic, racial and social justice and power within low-income communities. Owens used her connections to engage other funders, and she and the BII Investment Committee worked to shape the MINT to make the units more affordable, permanently. They also ensured inclusive governance through a trust stewardship committee that includes residents and local community organizations.
The deal itself was built on an integrated capital stack that combined debt, equity and grants from public and private investors, including subordinated loans from BII and philanthropic institutions, to mobilize a total of $52.5 million. It was also deliberately based on trusting relationships: BII and City Life convened impact investors, city officials and philanthropic foundations in Boston, encouraged them to get involved, and shared BII’s analysis and due diligence to make it easier for foundations, philanthropies and other investors to participate.
“This was our first real estate transaction through BII’s Fund II, and we see enormous potential to do more,” says BII CEO Betty Francisco. “Community ownership and control not only protect affordable housing, but also keep the revenue and wealth these projects create within their neighborhoods. That is the kind of transformative change we need, in Boston and beyond.”
Jessika Rozki, Owner/CEO