Business
Eastern Bank forms Equity Alliance for Business to further advance growth opportunities for underrepresented business owners
Includes specialized and innovative lending solutions, as well as access to insight, mentoring and networking resources
BOSTON, March 09, 2023–(BUSINESS WIRE)–As part of its deep and long-standing commitment to increasing economic inclusion and mobility, Eastern Bank today announces the formation of the Equity Alliance for Business to further accelerate the growth of underrepresented business owners and entrepreneurs. Specifically for business owners who are women or people of color and all their intersectionality, including LGBTQIA+, veterans and the disabled communities, Equality Alliance for Business offers a special loan offering tailored to meet the needs of different business owners. It also provides access to other banking and community services, as well as business insights and tools, with input from leading business support organizations and provided by a diverse team of bankers.
Eastern Bank is the #1 SBA Small Business Lender in Massachusetts and is a community bank deeply committed to supporting small businesses and their role in ensuring a thriving local economy. The Bank’s efforts to address racial and wealth gaps include small business lending and community development, supporting the growth of black business owners, providing accessible banking services and expanding public-private partnerships. To address the significant wealth inequalities reported in the Federal Reserve Bank of Boston’s 2015 study, “The Color of Wealth in Boston,” Eastern created the award-winning Foundation for Business Equity to accelerate the growth of businesses of color. Eastern is now combining its leadership as a small business lender with its expertise from the Foundation for Business Equity to further disrupt the status quo through the Equity Alliance for Business.
“Eastern has a deep and long-standing commitment to advancing equity and opportunity for all, and Equity Alliance for Business is another step in advancing our commitment to economic inclusion and the strengthening of our communities,” said Quincy Miller, Vice Chair & President from Eastern Bank. “We know that resources such as specialized credit programs to address systemic inequalities, specially trained bankers and financial tools, and partnerships with the community are game-changers to provide much-needed support opportunities for entrepreneurs and business owners.”
The Equity Alliance for Business strives to meet the needs of business owners who are 51% or more owned by women or people of color and all their intersectionality, including LGBTQIA+, veterans, and disability communities who may not care for access to Qualifying capital using traditional underwriting standards. The ecosystem offers:
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Local 1:1 relationships: A team of equity alliance for business bankers act as advisory client advisors to business owners and have deep roots in the communities where underserved businesses operate.
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Credit solutions including a dedicated credit program: Specialized lending products and other solutions designed to meet the needs of diverse business owners and address systemic injustices inherent in standard lending products today; Term loans up to $250,000 are available;
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Additional financial products & services: Financial products that go beyond credit and lending solutions, like Monit™, a mobile-friendly financial assistant for small business owners tailored to help entrepreneurs maximize their time and business operations;
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Access to other tools and resources: Help beyond financial products with access to insights, network building and community collaborations.
“We know it takes more than capital for small businesses to thrive,” said Abby Nguyen-Burke, senior vice president and team leader, Equity Alliance for Business. “That is why, in addition to our existing branch managers and commercial bankers, we have created a dedicated Equity Alliance for Business team of Change Agents to work with highly respected community partners, many of whom have helped inform this approach, who provide access to mentoring , networking and other entrepreneurial insights and tools.”
Eastern partners with leading business support organizations to provide access to business insights, networking, and other resources in the communities it serves, including Ascendus, Black Economic Council of Massachusetts (BECMA), Interise, Massachusetts LGBT Chamber of Commerce, and Mill Cities Community Investments (MCCI).
Karla Morales, owner and founder of Bohio Clean and co-founder of Your Home Detox, is the first business owner to secure a loan through Equity Alliance for Business. She identifies as non-binary and her company is a female and Latinx-owned, eco-friendly, commercial and residential cleaning platform that is transforming the cleaning industry into a path to freedom and sustainable living wages. She says: “Before I applied for a loan with the Equity Alliance for Business, I looked for other financing solutions and was consistently rejected. It was a challenge to get support. I’m really grateful to benefit from a solution that tries to create more opportunities for business owners like me.” Morales plans to use the term loan she received for day-to-day business operations, such as administration payroll, purchasing new cleaning equipment and investing in sales and marketing.
To learn more about Equity Alliance for Business, visit https://www.easternbank.com/equityallianceforbusiness.
About the East Bank
Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of December 31, 2022, Eastern Bank had approximately $23 billion in total assets. Eastern provides banking, investment and insurance products and services to consumers and businesses of all sizes, including through its Eastern Wealth Management division and subsidiary Eastern Insurance Group LLC. Eastern prides itself on its outspoken advocacy and support for the community, which has included $240 million in charitable giving since 1994. An inclusive company, Eastern employs approximately 2,100 highly engaged professionals who value relationships with their customers, colleagues and communities. Join us forever at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the public company of Eastern Bank. Investor information is available at investor.easternbank.com.
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contacts
Media:
Andrea Gutman
east bank
a.goodman@easternbank.com
781-598-7847
Investors:
Jill Belliveau
Eastern Bankshares, Inc.
InvestorRelations@easternbank.com
781-598-7920
