BOSTON IMPACT INITIATIVE FUND
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Mission Statement
Boston Impact Initiative (BII)’s vision is a future where entrepreneurs of color and their communities have the financial, social and political power to create sustainable and inclusive economies. BII’s approach is designed to tackle the barriers faced by diverse founders: from large gaps in wealth and access to capital, to chronic underinvestment in their communities, to exclusion from networks that are crucial to business success. We invest in enterprises that directly address the needs of communities of color, contribute to local economies, create good jobs, accelerate the clean energy transition, and pioneer democratic business models.
About This Cause
BII is a nonprofit impact investment fund working to build a future where entrepreneurs of color and their communities have the financial, social and political power to create a sustainable, inclusive and equitable economy for generations to come. To do this, BII invests integrated capital in social enterprises and community-controlled real estate to increase wealth and asset-building opportunities for communities of color. BII serves over 100 small businesses annually through technical assistance programs, providing coaching, impact assessment and investment preparation. BII is also transforming the impact investing field through field-building and education so that economic and racial justice becomes integral to any community-based investment strategy. BII manages two integrated capital debt funds: BII Fund I: In 2018 we launched BII Fund I, a $7 million nonprofit charitable fund that has deployed over $6.9 million in debt and equity investments into 50 enterprises in Eastern Massachusetts. Our portfolio is majority governed, run and staffed by people of color. Close to 70% of founders/executives are people of color, and 64% of non-executive employees are people of color. BII Fund II: In 2022, we launched BII Fund II, a $20 million nonprofit charitable fund that will invest integrated capital— primarily patient equity— into early stage social enterprises owned by entrepreneurs of color and community-owned or controlled real estate in Massachusetts and the Northeast. Fund II will prioritize investments in enterprises that address an unmet need or issue affecting communities of color, build climate resilience and expand clean energy solutions and grows worker or community power and voice, including co-ops, worker-owned and unionized businesses. BII is a nationally recognized leader in impact investing with a racial justice lens. BII also provides education and training for fund managers, investors and philanthropists that advances fresh perspectives on trust-based investing, balancing risk and return, and democratizing ownership and decision-making. BII has a robust program curriculum to help diverse, emerging fund managers design and launch impact investment funds. Main topics include integrated capital, stakeholder development, investment criteria, governance structures, fund design and modeling, impact measurement and management, and raising capital. From April 2020 to October 2021, BII ran its inaugural Integrated Capital Fund-Building Cohort, an 18-month program that engaged 33 existing and prospective fund managers in developing the financial rigor and skills to structure, raise and manage a blended capital fund. 93 percent of cohort participants are people of color and 50 percent are women. In August 2022 and May 2023, BII kicked off four-month emerging fund manager cohort programs to support 12 additional emerging community-based impact funds. In addition, BII offers the Integrated Capital Cards Program designed to help fund managers, community investors, entrepreneurs, and finance professionals learn how to use creative financial tools to support for-profit and nonprofits, as well as how multiple stakeholders can solve problems together. The program is structured as a facilitated card game with case studies and teachers guides using BII's Integrated Capital Cards, a bilingual (English/Spanish) deck made up of 120 cards in 7 suits that help match types of capital, transaction structures and impact criteria with startups, small businesses and nonprofits that are contributing to building regenerative and equitable local economies. This game is being played by hundreds of teams all over the country to gain practical and fun experience understanding integrated capital.