An impact investment fund focused on closing the racial wealth divide and building economic, social and political power in communities of color has been chosen to receive the 2023 Lewis Latimer Award at the annual meeting of the Associated Industries of Massachusetts (AIM) next month.

Launched in 2013, the Boston Impact Initiative (BII) has invested more than $12 million in more than 70 small businesses, social enterprises and community organizations in Massachusetts and beyond. Its Fund II, for which BII is raising $20 million, invests in entrepreneurs of color who are committed to making an impact, as well as in community-owned and controlled real estate projects to prevent displacement.

BII is not only tackling a critical finance gap, but it is a pioneer in its field, demonstrating how integrated capital – patient equity, loans tailored to companies’ needs, and support in accessing grants and contract opportunities, combined with social and political capital – can be transformative.

“The 3,500 member companies of AIM honor the Boston Impact Initiative for demonstrating that the best remedy for persistent poverty and injustice is to create opportunities for people to own and control their future,” said John R. Regan, President and Chief Executive Officer of AIM.

Regan also celebrated AIM’s strategic partnership with BII, launched last summer, which has brought dozens of BII portfolio companies into the organization: “We are pleased to have these innovative and impactful entrepreneurs as part of AIM, and to contribute to their success by providing them with human resources and management expertise and networking opportunities.”

The AIM Latimer Award is presented annually to a Massachusetts innovator, organization or business leader who has broken barriers to innovate and create economic opportunity. It is named for Lewis Latimer, a Chelsea-born Black inventor who in 1882 patented a method for the production of carbon filaments critical to the development of the electric light bulb. A child of formerly enslaved people, Latimer also created the drawings that enabled Alexander Graham Bell to patent the telephone.

“We are honored to receive an award that celebrates Black ingenuity and enterprise,” said Betty Francisco, Chief Executive Officer of BII. “Through our integrated capital investments, we are proud to be supporting a new generation of visionaries, innovators, problem-solvers and activists of color, helping them overcome systemic barriers to close the wealth divide and catalyze power in their communities.”

AIM will present the award virtually at its 2023 Annual Meeting on May 4 at 9 am. BII is the third recipient of the Lewis Latimer Award; the first two were the New Commonwealth Racial Equity and Social Justice Fund, and Massport for its “Massport Model” development of the Omni Boston hotel.

About Boston Impact Initiative:

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 is also transforming the impact investing field through field-building and education, so that economic and racial justice becomes integral to any place-based investment strategy. To learn more, go to www.bostonimpact.org.

About Associated Industries of Massachusetts

AIM is a community of 3,500 Massachusetts employers committed to the idea that businesses can create a better, more prosperous world through the power of positive change. Our objective is simple— create public policy that allows employers to create jobs and economic opportunities.