Chemical Manufacturer Expands Production, Accelerates Growth with LISC Small Business Loan
Cedar Concepts is the only Black, woman-owned chemical manufacturing plant in the U.S. This past year, LISC made a $1.1 million investment through our partnerships with Abbott, JPMorgan Chase and Wells Fargo to help the firm purchase new equipment and expand its Chicago facility.
Linda Boasmond didn’t dream of a career in chemical manufacturing—physics was her first love. Seeing sparks blow and light up in class had a hold on her. But she also remembers teachers fostering her affinity for chemistry. They made time at lunch or after class to answer her questions and support her interests.
Those teachers laid the foundation for where she is today: president and CEO of Cedar Concepts, the only Black, woman-owned chemical manufacturing plant in the United States. Boasmond says it is also part of the reason she connects so much with young learners, especially young women that participate in the Saturday Science Academies that she hosts through the Girls 4 Science program, working to break down gender barriers in the field.
“Being a woman in the chemical industry is really what’s harder, even more so than being a person of color in this field,” Boasmond remarked during a conversation with LISC this summer. Even now, after years of success, she sometimes finds newcomers to the Cedar Concepts building ask her if they can speak with someone more senior, expecting a man to be in charge. She says she tries to look beyond that and lead with the mindset that she can’t control for others’ perspectives, instead focusing on what she can control: creating a welcoming, creative atmosphere for her staff while helping energize the next generation of chemical industry leaders.
While Cedar Concepts has been emboldened by Boasmond’s leadership and success, those gains did not translate into access to capital. Boasmond ran into strong headwinds when looking for financing to grow the company’s production space so it could expand and pursue larger contracts. Her experience is not unusual for businessowners of color. In fact, Black business owners are half as likely to receive full financing when applying for credit as their White counterparts.
That’s where LISC stepped in, with $1.1 million in financing through our partnerships with Abbott, JPMorgan Chase and Wells Fargo to help Cedar Concepts expand its facility and purchase new equipment. Boasmond says the capital is an “absolute game changer.” It means Cedar Concepts can move forward at an accelerated pace, allowing for more efficient processes and greater production capacity.
“It’s everything when communities are built up, encouraged, and invested in,” Boasmond stresses, noting that she has seen the negative impact when the opposite occurs. “This investment is really helping us get to the next level by building production and ultimately revenue,” she adds.
When asked what advice she would give to someone interested in the chemical industry, this was her immediate response: everyone needs to create their own opportunities, and acknowledge and celebrate wins, whether big or small.
LISC couldn’t agree more. We are celebrating this investment and so many others like it, supporting talented entrepreneurs in their work to fuel innovation, opportunity, and growth.