Equity Alliance for Business
Equity Alliance for Business exists to support businesses who need it the most. Eastern Bank’s approach is to establish banking relationships rooted in equity for all emerging businesses. We know that it takes more than capital for any small business to thrive. That access to community connections and networks unlock opportunity. That education inspires. We are here to move beyond transaction to transformation, and create opportunity.
It’s time for equity. It’s time for growth. It’s time for GOOD. Join us.
The Equity Alliance for Business program works in four ways to support emerging entrepreneurs in all of our neighborhoods.
| What We Offer | How It Works |
|---|---|
| Local 1:1 Relationships | A team of dedicated bankers, with deep knowledge of the local community and small business banking, serves as consultative relationship managers, working closely with business owners to understand their needs and offer tailored solutions. |
| Credit Solutions | Tailored credit product and other solutions designed to meet the needs of all emerging business owners and barriers inherent in standard credit products today. Term loans up to $100,000 are available. Eligibility is for emerging businesses working with Equity Alliance for Business, who are Business Relationship Managers dedicated to providing credit to small businesses in Eastern's communities that otherwise would not qualify for credit under the Bank's traditional underwriting criteria. |
| Access to Entrepreneurial Insights & Tools | Providing help beyond financial products, with access to insights, network building and community collaborations. |
| Financial Products & Services | Additional financial products beyond credit and lending solutions, such as Monit™, a mobile-friendly financial assistant built for small business owners, customized to help business owners maximize their time and business operations. |
Meet the Equity Alliance for Business Team
| Financial Products & Services brought to you by Eastern Bank |
| Eastern Business Banking® Eastern Business Banking® is a flexible, easy to use and convenient online banking solution which can be combined with our mobile-friendly financial assistant, Monit, to stay on top of and project future cash flow and more. |
| Eastern Treasury® Eastern Treasury® is a modular online cash management banking solution that gives you the ability to manage cash flow and initiate transactions from any computer with an Internet connection. |
| Digital Banking for Business™ Access your Eastern business accounts anywhere, anytime to check your account balances, transfer funds between your Eastern business accounts, approve ACH or wire transactions, and more. You must be enrolled in Eastern Business Banking® or Eastern Treasury® to use business mobile banking. |
Community Organizations
Eastern Bank’s approach is to establish banking relationships rooted in equity. We know that it takes more than capital for any small business to thrive. Please see some of the community organizations we collaborate with below. Contact an Equity Alliance for Business banker to learn more.
External Small Business Grants and Loans
Ascendus empowers low- to moderate-income (LMI) business owners with access to capital and financial education. For small business owners who need capital to grow their business, Ascendus offers loans from $500 – $50,000. Qualified businesses will be located nationwide. Ascendus offers general term loans and tailored products for childcare, rideshare, and business lines of credit.
Applications accepted on a rolling basis. Apply today. BEI is a high-touch, strategic advisory program to build capacity, access to growth capital, and networking to expand business contracts.
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*Years in Business and/or Experience in Industry is defined as: one year in business with one full fiscal year of tax returns or CPA prepared financial statements.