Eastern Bank announces Equity Alliance for Businesses
New England Council member, Eastern Bank, announced the start of Equity Alliance for Business, an initiative for underrepresented business owners and entrepreneurs. Eastern Bank will provide a specialized credit offering designed to meet the needs of diverse business owners.
The Equity Alliance for Business is tailored toward businesses owned by women, people of color, members of the LGBTQIA+ community, veterans, people with disabilities, and those without access to capital with traditional underwriting standards. With a core value of community connectedness, Senior Abby Nguyen-Burke assembled a coalition of a diverse group of bankers and local organizations dedicated to the cause. Businesses can apply for the program through the Equity Alliance of Business website to speak with a team member about the opportunity of acceptance.
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.
“We are pushing the status quo,” said Abby Nguyen-Burke, Senior Vice President and Team Leader of Equity Alliance for Business. “For this program to be led through a bank is really amazing. Sometimes customers just need assistance or maybe just the deposit side, or maybe just the financial side, or just the connections with different vendors. We’re able to tackle all of that through our program with the four different pillars and make sure that the strength is deeply committed to that growth equity,” she said.
The New England Council would like to congratulate Eastern Bank for the launch of this program.
Read more from Eastern Bank.