The Foundation for Business Equity (FBE) and Eastern Bank Announce Merger of FBE and Mill Cities Community Investments

Commercial Equity Fund completes planned spin-off from Eastern Bank, and join forces with Impact of the next phase of Mill Cities Community Investments

Boston, December 7, 2022–(BUSINESS WIRE)–Eastern Bank and the Foundation for Business Equity (FBE), an award-winning Boston-based nonprofit organization, are pleased to announce the merger of FBE and Mill Cities Community Investments (MCCI), an enhanced An important step in its service and expansion of its influence. The merger marks an important milestone in the continued development of FBE and the conclusion of its incubation period at Eastern Bank. In 2017, Eastern Bank created FBE with an initial grant of $10 million as founding funder and has grown to over $13 million in total support as part of its long-term commitment to addressing racial wealth inequality and Driving greater economic inclusion and mobility.

Since its inception, FBE has focused on accelerating the growth of businesses of color. FBE’s approach creates a collaborative ecosystem that provides Black and Latinx business owners with resources to build capabilities and access key growth tools, including growth capital and business networks. FBE has provided premium capacity building and high-touch strategic advisory services through its signature program, the Business Equity Initiative (BEI), which will continue post-merger. It has reached more than 90 local businesses and helped generate $120 million in new revenue.

With a similar mission, Community Development Financial Institution (CDFI) MCCI bridges the capital access gap for low- and moderate-income communities and resource-poor populations in the Merrimack Valley and Massachusetts through a series of low-cost loans, programs, small business training, and technical assistance. As a CDFI, community development is a primary goal; it works closely with clients and communities to develop innovative ways of delivering loans, investments and financial services. The merger of FBE and MCCI expands access to growth capital, enabling FBE to offer new low-interest loans and equity capital products to registered BEI businesses and graduates, including securing additional federal and state funding for CDFIs to support small businesses. The addition of FBE also significantly enhances MCCI’s future capacity building capabilities.

The two organizations have developed a close partnership since MCCI provided its first loans to BEI businesses in 2019. To date, MCCI has provided $3.2 million in funding to BEI businesses. By combining resources, FBE and MCCI are strengthening their influence to have a broader impact in addressing wealth inequality across the region. As part of the merger, Glynn Lloyd will lead the combined entity as executive director.

FBE Executive Director Glynn Lloyd and Chamber of Commerce. “Merging with MCCI is a natural next step for our organization, and we are excited to formally partner to build a broader organization focused on fighting economic and racial inequity.”

“As part of Eastern Bank’s commitment to addressing wealth inequality, a need that the Boston Fed’s 2015 Color of Wealth report made very clear, we can’t imagine the far-reaching impact a business equity foundation has had that would be good for our region, said Bob Rivers, Chief Executive Officer and Chairman of the Board of Eastern Bank. “This work is just beginning to remove systemic barriers to opportunity in our communities of color and we look forward to the continued success of the FBE, now with MCCI’s expertise and knowledge, and continuing to surround this issue with other partners in the community Make contacts.”

“Advancing equity in our small business ecosystem is a key area of ​​focus for the Eastern Bank Foundation as we work to create stronger economic inclusion and greater mobility. As FBE Board Chair and now as a new member of the MCCI Board of Directors , I have observed the synergy, natural alignment and dedication of the two organizations to continually advance this work,” added Nancy Huntington Stagg, President and CEO of the East Shore Foundation. “The Eastern Bank Foundation is proud to incubate the Business Equity Foundation and help it enter its next phase of growth alongside the MCCI team. Importantly, our work with FBE has informed and expanded to other opportunities that Eastern is offering that we support , grassroots knowledge empowers organizations to provide capital and business networks to other underserved communities in our region.”

Together with Eastern Bank, the Boston Foundation has been an important partner of FBE since its inception. The foundation serves as a seed capital acquisition partner for the ecosystem approach, providing financing to business owners of color through the Business Equity Fund (BEF) and providing ongoing support to MCCI through the BEF and in partnership with a number of Boston Foundation donors.

“As long-standing partners of FBE and MCCI, we know firsthand the potential this merger unlocks for business owners of color and the communities they proudly serve. Seeing entrepreneurs participating in FBE’s Business Equity Initiative (BEI) program take advantage of Boston funds Orlando Watkins, vice president and chief programs officer and MCCI board member, said: “The Boston Foundation and our donors work with FBE and MCCI to remove structural barriers to racial equity and make way for thriving communities, and we look forward to Create broader impact as ongoing ecosystem partners and individuals as MCCI board members. “

FBE and MCCI will complete the integration process over the next year and continue to support businesses, customers and partners as always. To learn more about FBE, visit and to learn more about MCCI, visit

About the Foundation for Business Equity (FBE)
Businesses need a sound business model and strategic plan, the capital to realize the plan, and the revenue to drive growth. Black and Latinx entrepreneurs face three major, intersecting barriers: access to advice, access to capital, and access to markets. The Boston-based nonprofit Business Equity Foundation helps close the racial wealth gap by expanding the size of businesses of people of color. It also provides survival planning and business continuity for businesses most affected during the pandemic.Learn more at and connect with LinkedIn and Twitter.

About Factory City Community Investments (MCCI)
Founded in 2008 by Latino leaders to bridge the capital access gap in low- and moderate-income and resource-poor communities, MCCI is headquartered in Lawrence, Massachusetts, and has historically served the major towns of the Merrimack Valley, as well as statewide Extended service. MCCI is a Community Development Financial Institution (CDFI). As the financing and lending option for businesses and homeowners, MCCI focuses on identifying and delivering innovative solutions to capital needs with flexibility in the underwriting process. Learn more at and follow Mill Cities Community Investments on LinkedIn and Facebook.

About Eastern Bank
Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, 2022, Eastern Bank’s total assets were approximately $22 billion. Eastern, through its Eastern Wealth Management division and Eastern Insurance Group LLC subsidiaries, provides banking, investing and insurance products and services to consumers and businesses of all sizes. Eastern prides itself on its outspoken advocacy and community support, including $240 million in charitable giving since 1994. As an inclusive company, Eastern has approximately 2,100 highly engaged professionals who value their relationships with clients, colleagues and the community. Join us at and on Facebook, LinkedIn, Twitter and Instagram. Eastern Bank AG (Nasdaq Global Select: EBC) is the holding company of Eastern Bank. For investor information, visit

About Eastern Bank Foundation
Established in 1994, the East Coast Foundation is the philanthropic arm of Boston-based East Coast Bank. Through philanthropy, employee volunteerism, advocacy, and partnerships with other businesses and community partners, the Eastern Bank Foundation responds to community needs and supports sustainable solutions to our communities in eastern Massachusetts, southern New Hampshire and the coast, and Rhodes The toughest challenge facing the island’s communities. This includes promoting economic inclusion and mobility in areas such as equity in the small business ecosystem, enriching early childhood development, ensuring safe and affordable housing, and promoting workforce development. To learn more, visit

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Diana Ubinias
Factory City Community Investment

Andre Goodman
Bank of the East

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