Eastern Bank announced the introduction of the Equity Alliance for Businesses to further accelerate the growth of underrepresented entrepreneurs and business owners as part of its longstanding and profound commitment to promote greater economic inclusion and mobility.
Equality Alliance for Business is a unique credit program geared to meet the requirements of diverse business owners who are people of color or women and all their intersectionality, such as the LGBTQIA+, veteran, and disabled communities. It also provides access to additional banking and community services, as well as entrepreneurial thoughts and tools, supplied by a team of diverse bankers with input from leading business support organizations.
Eastern Bank is the top SBA lender to Massachusetts's small business community, and as a community bank, it is deeply devoted to assisting small businesses and their vital role in ensuring a thriving local economy. The bank's efforts to address racial inequities and the wealth gap include community development and small business lending, supporting the growth of minority business owners, offering accessible banking services, and strengthening public-private partnerships.
Quincy Miller, Vice Chair & President of Eastern Bank, said, "Eastern has a deep and long-held commitment to advancing equity and opportunity for all, and Equity Alliance for Business is yet another step in advancing our commitment to economic inclusion and strengthening our communities." He added, "We understand resources such as specialized credit programs designed to address systemic inequities, specially trained bankers, and financial tools and community partnerships are game-changing in opening up much-needed opportunities of support for entrepreneurs and business owners."
(Source – Business Wire)
Equity Alliance for Business aims to meet the requirements of business owners with at least 51% ownership by people of color or women or all their intersectionality, including the LGBTQIA+, disabled communities, and veterans, who may not qualify for access to capital under conventional underwriting standards. The ecosystem provides:
• Local 1:1 Relationships
• Credit Solutions, with a Special Purpose Credit Program
• Supplementary Financial Products & Services
• Access to Other Tools & Resources
About Eastern Bank
Eastern Bank, founded in 1818 and headquartered in Boston, has more than 120 branches in Rhode Island, eastern Massachusetts, and southern and coastal New Hampshire. Eastern Bank had almost $23 billion in total assets as of December 31, 2022. Through its Eastern Insurance Group LLC subsidiary and Eastern Wealth Management division, Eastern provides banking, investing, and insurance products and services to individuals and businesses of all sizes. Eastern is proud of its outspoken advocacy and community support, which includes charity contributions of $240 million since 1994. Eastern is an inclusive business that employs around 2,100 individuals that respect their relationships with customers, colleagues, and communities.