Fall 2023 Update

S&P upgrade, NMTC allocation and more BlueHub news

I am thrilled to share that S&P Global Ratings has upgraded BlueHub Loan Fund’s financial outlook from ‘A’ to ‘A+’.

This upgrade is a reflection of years of hard work to build a robust balance sheet to ensure we can continue to serve low-income communities despite challenging economic environments. S&P’s rating provides even more support for BlueHub to be financially self-sustaining and scalable. Read more.

We are also celebrating a new $65 million allocation of New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The allocation--the highest level given in this year's awards--enhances BlueHub's ability to support job creation and economic development by investing in manufacturing businesses and community facilities in targeted low-income communities.

In other important news, after serving our organization since 2006, BlueHub’s CFO Lisa Zappala has decided to retire at the end of 2024, giving us more than a year to conduct a search for a new CFO and execute a comprehensive transition plan. We are building in several months of overlap time so our new CFO can work alongside Lisa to facilitate the transfer of knowledge. Read more about the position and please share this opportunity with your networks.

As you can tell, our fall is off to a busy and successful start.

Wishing you all the best,

Elyse D. Cherry

CEO, BlueHub Capital

CFO Position

BlueHub launches pilot to provide low-income driver with affordable access to an EV

BlueHub Energy collaborated with Fermata Energy, Enterprise Holdings and Codman Square Neighborhood Development Corp. (CSNDC) to launch the first vehicle-to-grid (V2G) pilot program for multi-family affordable housing in the nation. It is designed to increase affordable access to electric vehicles (EVs) for low-income drivers.

The pilot aims to increase the use of EVs in environmental justice communities by lowering the costs of an EV for a driver and eliminating the costs for affordable housing developments to host charging infrastructure.

As DeWitt Jones, president of BlueHub Energy told The Boston Globe: “A lot of times when new technology is being adopted, it’s only about the people who can afford it. We are concerned that low income communities and environmental justice communities might be left behind.”

In the News

Boston Globe: Dorchester program aims to make EVs affordable

BlueHub's new pilot program, which was featured in The Boston Globe, is aiming to make electric vehicles more affordable, using technology that can take advantage of the different price of electricity at different times.

Boston Business Journal: 'Homesharing' could help Mass. boost its competitive edge

Elyse Cherry, CEO of BlueHub Capital, penned an op-ed in the Boston Business Journal on how homesharing could help address the housing shortage in Massachusetts. "Solving the housing affordability crisis is not just about building more units," writes Cherry. "We need to think creatively about how to more intensively use the housing we have."

Houston Landing: The naturalization process can be lengthy and complicated. Here’s how to navigate it.

One Percent for America (OPA) borrower Jessica Mejía Ramírez shared her immigration and citizenship journey with the Houston Landing. After moving to the Texas in 2012 from Colombia after a family tragedy, Mejía established a life in the United States with her husband, a US citizen. The couple have a son, and now that she has a loan to cover citizenship application fees through OPA, she hopes she can share the same US citizenship with them after all these years.

Welcome Anne Cushing, SVP of Marketing and Engagement at One Percent for America

Our team continues to grow this fall with the addition of Anne Cushing, the new Senior Vice President of Marketing and Engagement for One Percent for America (OPA), BlueHub's nonprofit arm focused on reducing barriers to US citizenship. Anne is responsible for strategic planning and initiatives, expanding awareness of OPA’s offerings, stewarding membership to the online resource platform and building relationships with organizations advancing and benefiting from OPA’s mission. Learn more about her.

Also joining the OPA team is Natalie Clouser. As the Digital Production Coordinator, Natalie will help manage maintenance and enhancement initiatives for the OPA website.

We are hiring! Current open positions:

BlueHub staff explore Jamaica Plain

The BlueHub team got the chance to take a walking tour of Boston's Jamaica Plain neighborhood with Collin Knight of Live Like A Local Tours Boston, a company focused on bringing attention to the food, culture and history that exists in the neighborhoods outside of downtown Boston. Here's the team pictured in front of one of JP's many murals.

Borrower Spotlight

At BELIEVE Circle City High School, BlueHub’s first borrower in Indiana, education is carefully tailored to the needs of each student.

BELIEVE begins by helping students identify their passions and purpose, then provides the support necessary for each student to meet their goals. “Sometimes we just need to unlock the genius that’s already there,” says Kimberly Neal-Brannum, the school’s founder and executive director.

When BELIEVE sought funding to acquire and improve its currently leased site on the Ivy Tech campus, the Charter School Growth Fund (CSGF), a longtime partner, made the connection to BlueHub.

Now, BlueHub’s $2.6 million loan augments a grant from the Mind Trust, a nonprofit that invests in public education, and an Entrepreneur-in-Residence loan from CSGF. Together, we are securing BELIEVE’s place on the Ivy Tech campus — and helping to give BELIEVE students a solid educational foundation.