Summary
Since its start in 2015, the Black Economic Council of Massachusetts (BECMA) has been a valuable resource for promoting the economic well-being of Black businesses. Now, with plans to establish a new headquarters in Roxbury, BECMA is expanding its mission – and the Community Development Lending team at Eastern Bank has structured the financing to help make the purchase of real estate a reality.
A History of Collaboration and Shared Values
In 2015, the Federal Reserve Bank of Boston’s study found the median net worth for a Black family in metro Boston to be $8. BECMA has since focused on creating pathways to wealth by supporting Black entrepreneurs with a range of resources that help them get to the point where they can scale and hire more employees. The non-profit organization had been renting office space but recognized that purchasing its own building would provide more flexibility to expand its technical assistance and other resources.
When BECMA began planning its expansion, the organization turned to Eastern Bank’s Community Development Lending (CDL) team, which has decades of experience working with non-profit organizations and community development corporations for lending solutions that advance their missions and community impact.
“Knowing Eastern Bank’s reputation as a leading, local community bank that does good for business owners and people at all stages of their lives, it means so much to us at the Black Economic Council of Massachusetts to become a lending customer,” said Nicole Obi, President and CEO of the Black Economic Council of Massachusetts.
A Banking Relationship Driving Change
BECMA’s new headquarters will be located in two commercial condominium units at Roxbury Place Condominium in Boston, a 10-unit association that includes residential and commercial spaces. Eastern Bank is providing a bridge acquisition loan that will enable BECMA to purchase the acquisition of the two units in a neighborhood that is also experiencing significant growth and renewal with numerous residential and mixed-used commercial development projects underway.
The Eastern Bank Community Development Lending team structured a multi-layered financing solution and loan. By anchoring their headquarters in this vibrant neighborhood, BECMA not only strengthens its ability to offer its resources but also signals a commitment to the future of Roxbury as a hub for economic growth and opportunity.
“Our Community Development Lending team is passionate about helping non-profits to realize their vision, driving meaningful change in our communities,” said Johanna Stone, Vice President of Community Development Lending of Eastern Bank. “We’re proud to support BECMA’s expansion as they deepen their impact.”
Turahn Dorsey, President & CEO of the Eastern Bank Foundation, added, “We are delighted to support BECMA as they purchase and outfit this new building, and believe in their work which we have supported for many years.”
“This project represents so much more than a real estate purchase,” Obi concludes. “It’s about creating a physical space where our organization can continue to create opportunities across Massachusetts. With Eastern Bank’s financing solution, we’re creating a permanent home for our work.”
In turn, it is building a better future for Massachusetts business owners and residents, one step at a time.
The Community Development Lending team at Eastern Bank can help you understand a range of available financing and credit resources to help your non-profit organization thrive.
Contact us to learn more.
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