You want to start a business, but you’re not “bankable”—meaning you can’t get the capital you need from traditional lenders like banks, who typically have lower interest rates and less risk than other options. That’s where Springfield nonprofit Common Capital can lend a hand—and much-needed funds. Founded in 1990, the organization has made loans totaling $29.9 million to nearly 800 businesses that have created or retained close to 2,000 jobs in Western Massachusetts.
Common Capital strengthens communities, creating economic opportunities for low- and moderate-income people, women, people of color, and immigrants. President Raymond Lanza-Weil explains,“Common Capital is a non-profit community loan fund and small business administration micro-lender whose mission is to responsibly create economic opportunities for historically under-served businesses. We are especially proud of the diversity of our loan activity and the impact we’ve had on our local community.”
Roberto Nieves, director of communications and outreach, explains, “We want to prevent people from accessing high-cost financing options such as fast money lenders, credit cards, and fintechs that lend online. After two to three years, we aim to get our clients bankable.”
Common Capital augments its loans with free business assistance that supports borrowers’ growth and success. Roberto says, “We invest in marketing, accounting, human resources, and operations to give business assistance to our clients. Our team is small and you get to know all of us here on a first-name basis. It’s relationship-based lending.” Read on to learn about four fantastic Common Capital clients.
West Springfield’s Colorful Resilience LLC provides outpatient mental health services predominantly but not exclusively to immigrants, BIPOC, and LGBTQ+ clients through in-person and virtual therapy. Mayrena Guerrero, LMHC, had years of experience in the field before founding Colorful Resilience in February 2022 to help meet the outpatient mental health needs of the various communities she has been providing services to throughout her career. The practice has fully licensed clinicians who are proud representatives of the communities they serve.
Jon Cunningham, head chef of Joey’s Deli & Market in Agawam, was laid off when the pandemic struck. With over 25 years of experience, he turned his challenge into an opportunity, opening Joey’s in 2021 as a storefront to sell his prepared dinners. The business expanded into a full deli with many menu items, all made in house. Jon firmly believes in community and features local representation in the products he sells and food he serves.
Holyoke-based Black Rose Trucking, specializing in dump truck hauling at construction sites and asphalt work, is run by mother–daughter team Yolanda Rodriguez and Ashley Ayala. They opened mid-pandemic in early 2021 and are now planning an expansion, having bought a second truck and hired a new employee. Rodriguez and Ayala have years of experience in trucking and are proud to be women in the industry, with plans to expand their business to ten-plus vehicles.
Michael Zabik, a Certified Master Technician with over 20 years of experience, runs his family-owned and -operated shop. During the pandemic, Mike turned to Common Capital for funding to purchase equipment and make leasehold improvements to his shop. Mike is dedicated to excellence in his work and also gives back extensively to the community, including helping a local Boy Scout troop earn their automotive maintenance badge, and fundraising for the West Springfield Parish Cupboard.
