Boston Impact Initiative (BII) is a nonprofit impact investing fund and certified Community Development Financial Institution (CDFI) that invests in people, places and enterprises building community ownership, shared wealth, and economic power, particularly in communities of color. Since 2017, BII has invested over $20 million across 100 small businesses and community-controlled real estate projects in New England. Through the ARC Fellowship, BII has trained over 90 impact fund managers to launch community-based impact funds, with 22 already raising and investing nationwide.
Portfolio Focus
Asset class
Blended Finance
Grants
Private Credit
Private Equity
Impact theme
Community Development & Social Infrastructure
Community Ownership
Local Economies & Community Development
Economic Opportunity & Inclusion
Job Creation & Quality
Investment geographies
North America
Key people
Betty Francisco
CEO
Lubna Maria Elia
Managing Director & Interim CEO
Aliana Pineiro
Chief Impact Officer
Keyur Patel
Director of Portfolio Management & Programs
First Mover Fund
Raised: $1.5 million
Asset class:Blended Finance
+1
Impact theme:Equity, Representation & Justice
+9
Investment geographies:North America
About the fund
The First Mover Fund provides catalytic capital to emerging impact-first fund managers, particularly those focused on communities of color across North America. It employs a blended finance approach combining grants for operational launch support with strategic advisory services. The fund connects recipients with its network of limited partners, experienced fund managers, and mentors to accelerate development and ensure sustainability. With a $5 million target capitalization, of which $1.5 million has been raised, the First Mover Fund primarily attracts foundation investors committed to diversity and inclusion initiatives. The fund has established a strategic objective to mobilize $100 million in investment capital toward communities of color by 2030, emphasizing community ownership models and economic empowerment.
Boston Impact Initiative (BII), a nonprofit impact investment fund and certified Community Development Financial Institution (CDFI), announced the final close of its Fund II on December 31, 2025, raising over $22 million in total commitments from nearly 240 investors across 24 states in the United States, including individuals, donor-advised funds, nonprofits, foundations, faith-based organizations, and impact funds. To date, BII has cumulatively deployed over $20 million in integrated capital —debt, equity and grants—across more than 100 small businesses, nonprofits and community-controlled real estate projects in New England.
BII raised 10% more than its $20 million target for Fund II, with 30% of investors returning from Fund I, reflecting strong investor demand for BII’s democratized approach to impact investing. Fund II invests in social enterprises advancing inclusion, climate resilience, and worker power, plus community-owned and controlled real estate in New England. Through its innovative note structure, Fund II welcomed both accredited and non-accredited investors, with investments ranging from $1,000 to $1 million.
The note structure offers three tiers: Community Notes at 5% for non-accredited investors ranging from $1,000 to $25,000; Solidarity Notes at 3% for accredited investors; and Philanthropic Notes at 1% for accredited investors – ranging from $10,000 to $3 million. This tiered approach enabled nearly 240 investors to participate in community wealth building, with many first-time impact investors joining BII’s mission.
This structure reflects BII’s commitment to building an investor base that mirrors the communities we serve. Unlike conventional impact funds that limit participation to wealthy accredited investors, Fund II welcomed community members investing alongside institutional investors committing millions.
Fund II has already deployed $10.4 million into 29 enterprises that support over 1000 jobs and real estate projects that preserved or created 700 units of affordable housing. Portfolio companies include 88 Acres, florrent, Nuevo Dia Adult Day Health, and East Boston Neighborhood Trust.
Impact theme:Community Development & Social Infrastructure
+5
Investment geographies:North America
About the fund
Mission First Fund is a community loan fund operated through a partnership between The Boston Foundation and Boston Impact Initiative, designed to deploy donor-advised fund assets into local impact investments across the Boston area. The fund operates as an opt-out vehicle, automatically directing a portion of participating donor-advised fund assets into local impact investments unless donors elect otherwise, thereby aligning charitable giving with community development outcomes. It focuses on private credit investments targeting community development and social infrastructure, economic opportunity and inclusion, and equity and representation, with particular emphasis on local economies, job creation, and small and medium enterprise development. The fund is structured to serve donors with charitable intentions and strong commitment to their local community, while providing foundations and donor-advised funds with a streamlined mechanism to deploy capital toward measurable social impact in North America.
Wells Fargo Foundation
Woodcock Foundation
The Boston Foundation
