Business
Eastern Bank Launches Equity Alliance for Business, Further Advancing Growth Opportunities for Underrepresented Business Owners
Includes specialized and innovative credit solutions, and access to insights, mentoring and networking resources BOSTON--(BUSINESS WIRE)-- As part of its
About this update from Eastern Bankshares, Inc.
[{"type":"text","content":"\nIncludes specialized and innovative credit solutions, and access to insights, mentoring and networking resources\n\n BOSTON--(BUSINESS WIRE)--\nAs part of its deep and long-standing commitment to drive greater economic inclusion and mobility, Eastern Bank is announcing today the launch of Equity Alliance for Business to further advance the growth of underrepresented business owners and entrepreneurs. Specifically for business owners who are women or people of color and all their intersectionality, including the LGBTQIA+, veterans and disabled communities, Equality Alliance for Business provides a specialized credit offering designed to meet the needs of diverse business owners. It also provides access to other banking and community services as well as entrepreneurial insights and tools, with input from leading business support organizations and delivered by a team of diverse bankers.\n\nEastern Bank is the #1 SBA lender to the small business community in Massachusetts and as a community bank, is deeply committed to supporting small businesses and their role in ensuring a thriving, local economy. The bank’s efforts to address racial disparities and the wealth gap span small business and community development lending, supporting the growth of business owners of color, providing accessible banking services and expanding public-private partnerships. To address the significant racial wealth inequities reported in the 2015 Federal Reserve Bank of Boston “The Color of Wealth in Boston” study, Eastern incubated 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 knowledge gained from the Foundation for Business Equity to further dismantle the status quo through Equity Alliance for Business.\n\n“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,” said Quincy Miller, Vice Chair & President of Eastern Bank. “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 suppo...