Plus, green lending, new staff and celebrating a promotion.
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Spring 2024 Update
Advancing affordable technical education in Boston
I am thrilled to share that BlueHub made a $19.5 million New Markets Tax Credit (NMTC) investment in the Benjamin Franklin Cummings Institute of Technology (FCTech) to fuel the construction of a state-of-the-art campus in Roxbury's Nubian Square.
FCTech is one of the oldest technical colleges in the country delivering transformative technical and trade education that leads to economic advancement. The college is dedicated to empowering adults from underserved communities, including those from surrounding neighborhoods of Dorchester, Roxbury and Mattapan.
FCTech addresses the educational needs of individuals often overlooked by traditional colleges and provides technology-centric curricula, awarding degrees and certificates aligned with local employers' needs. Graduates enter the workforce with relevant skills, contributing to the Massachusetts economy.
Education in technology and engineering is key to building sustainable communities and driving economic growth. Franklin Cummings Tech's focus on inclusivity and quality education for underserved students sets a standard for addressing disparities in education and the economy.
This project goes beyond just a new building. It's about creating opportunities, empowering people, and strengthening our workforce through new skilled training programs in technologies like solar, electric vehicles and robotics.
We are excited to contribute to this development and welcome FCTech as our neighbor in Nubian Square. Watch the video below and learn more about the project.
Wishing you all the best,
Elyse D. Cherry
CEO, BlueHub Capital
Expanding green lending with GGRF
The Environmental Protection Agency's Greenhouse Gas Reduction Fund (GGRF) just announced $20 billion in grants for a national clean financing network. Community development financial institutions (CDFIs), like BlueHub, are primed to deploy this capital to the communities that can benefit most.
Congrats to the recipients, including: Opportunity Finance Network, Inclusiv, Justice Climate Fund, Appalachian Community Capital, Native CDFI Network, Inc., Climate United, Coalition for Green Capital and Power Forward Communities. We look forward to the work ahead!
On the heels of this announcement, Dick Jones, President of BlueHub Energy, and Karen Kelleher, President of BlueHub Loan Fund, spoke with Opportunity Finance Network to share examples of our climate lending – from affordable housing to solar to electric vehicles – and what we've learned over decades of this work.
In the News
MassLive: Elyse Cherry seeks equity, change by always taking a seat at the table
MassLive recognized luminaries within the LGBTQ+ community across Massachusetts for remarkable contributions to their industries and communities, including BlueHub CEO Elyse Cherry. Cherry was honored for her work at BlueHub and the many boards she's served on. "By claiming a seat at the able, I help to ensure our communities are represented, our many identities are recognized, our needs are met, and that inclusivity becomes the norm we all practice," said Cherry.
BlueHub Named to ImpactAssets IA 50 2024
ImpactAssets named BlueHub Loan Fund to its ImpactAssets 50™️ (IA 50) 2024 list. BlueHub was chosen from a record number of applicants. This database of impact investment fund managers is designed to offer a simple way to identify experienced and emerging impact investment firms and explore the landscape of potential investment opportunities.
One Percent for America receives $170,000 in funding from CBA Fund to help improve credit for immigrants
One Percent for America (OPA), a nonprofit funded by BlueHub that's reducing barriers to U.S. citizenship, received $170,000 in funding from CBA Fund (CBAF), Credit Builders Alliance’s (CBA) CDFI Intermediary. OPA is advancing immigrant inclusion and opening new pathways to citizenship by offering loans at a 1% interest rate to cover the cost of citizenship application fees.
BlueHub staffing news
Congratulations to Rachel Serotta on her promotion to Director of Investor Relations & Development (formerly Investor Relations & Development Manager)! Rachel has been with BlueHub Capital since 2018 and manages relationships with new and existing investors.
Our organization continues to grow with the addition of several team members. A warm welcome to:
- Fortunatus Mbeteni, VP of Commercial Lending, BlueHub Loan Fund
- Nicole Sharpe, Director of Corporate Sponsorships & Development, One Percent for America
- Tony Turner, Communications & Marketing Assistant
- Ron Wong, VP of Lending, BlueHub Loan Fund
We are hiring! Current open positions:
Homeowner Spotlight
Facing eviction during the COVID-19 pandemic, Robert overcame immense challenges to preserve his grandparents' home, a symbol of family heritage.
Throughout 2021, Robert grappled with the fear of losing his family home. He sought a loan modification from his servicer but his application was denied. The situation worsened in 2022 when his loan was sold to another company, and foreclosure seemed inevitable as federal foreclosure moratoria instituted during the pandemic came to an end. "Every day from 2021 on, I was expecting a foreclosure notice," he said, conveying the constant anxiety he endured.
Robert found hope through BlueHub SUN's unique refinancing option, saving the cherished home on his 37th birthday.
This story highlights resilience, the significance of preserving family legacies, and marks BlueHub SUN's first loan in Wisconsin. Read Robert's story.
