The Aspen Institute and the Microfinance Impact Collaborative announce Entrepreneur Backed Assets (EBA) Fund funding and purchase commitments
December 13, 2021
Entrepreneur Backed Assets (EBA) Fund, launched in 2020, is designed to provide lending to small businesses in low-income communities and those owned by people of color. Additionally, it has created a secondary market for loans originated by community-based microlenders. Western Alliance Bank has committed to purchasing up to $5 million in microloans originated by community development financial institutions (CDFIs) from EBA Fund through 2022.
Western Alliance Bank SVP and CRA Director, Barbara Boone, was recently quoted in an Aspen Institute article supporting the fund by stating, "Investing in microloans to entrepreneurial businesses in key communities is another way Western Alliance Bank works to support economic vitality at every level. We want to put our muscle behind this important effort that makes capital available to growing minority- and women-owned small businesses to help forward their sizable impact on jobs and wealth creation.”
With more than $65 billion in assets, Western Alliance Bancorporation is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, offers a full spectrum of tailored solutions and outstanding service delivered by banking and mortgage experts who put customers first. Major accolades include being ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens, Western Alliance Bank is working to become the nation’s leader in commercial banking through its individual, full-service banking and financial brands, with offices in key markets nationwide.