For Immediate Release
BOSTON, MA (August 24, 2023) – Brookline Bank is proud to announce that it has recently provided a $1 million Line of Credit to Mill Cities Community Investments (MCCI). The $1 million capital infusion will support MCCI’s Small Business Loans (SBL) Program.
MCCI is a Community Development Financial Institution (CDFI) based in Lawrence, Massachusetts, offering alternative financing through loans and equity products, and technical assistance to low- to moderate-income and other underserved clients and communities who may lack access to traditional financial institutions.
“The Line of Credit is intended to support minority businesses through MCCI’s innovative and flexible lending practices,” said Brookline Bank President & CEO Darryl Fess. “We’re excited about the opportunities the program will bring to un-banked and under-served communities in Massachusetts.”
“Banks willingness to provide capital to CDFIs is critical to our ability to continue to serve and invest in our communities,” shared Glynn Lloyd, Executive Director of MCCI. “We are grateful to Brookline Bank for stepping in at this time to allow us to meet the growing demands of our business owners seeking stability and growth funding.”
Loans under MCCI’s SBL Program range from $100,000 to $500,000 with 3 to 7-year terms for start-ups or expanding businesses. MCCI anticipates Brookline Bank’s financing support will allow them to deploy an additional 8 to 15 small business loans in 2023 to assist entrepreneurs with the greatest need and potential for growth. For more information, visit https://mccinvest.org/.
About Mill Cities Community Investments (MCCI)
Founded in 2008 by Latino and immigrant leaders to bridge the capital access gap in low-to-moderate income and under-resourced communities, MCCI is headquartered in Lawrence, MA and serves populations statewide and across the Merrimack Valley. MCCI is a Community Development Financial Institution (CDFI.) As a financing and lending alternative for businesses and homeowners, MCCI specializes in identifying and providing innovative solutions for capital needs and being flexible with their underwriting process. In 2022, the Foundation for Business Equity (FBE), an award-winning Boston-based organization working to scale businesses of color, merged with MCCI, a significant step in expanding opportunities for accessing growth capital and advancing capacity to create stronger economic mobility in target communities. To learn more about MCCI, visit https://mccinvest.org/.
About Brookline Bank
Brookline Bank is a subsidiary of Brookline Bancorp, Inc. (NASDAQ: BRKL), and is headquartered in Brookline, Massachusetts. A full-service financial institution, Brookline Bank provides individuals and businesses with deposit and lending services, residential mortgages and home equity lending, commercial and CRE banking, cash management and foreign exchange services, and access to investment and wealth management services. Brookline Bank has convenient locations across greater Boston and the North Shore. For more information go to brooklinebank.com. Brookline Bank is an Equal Opportunity and Equal Housing Lender. Member FDIC.