The Aspen Institute and the Microfinance Impact Collaborative announce Entrepreneur Backed Assets (EBA) Fund funding and purchase commitments
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.”
For more information, read the full Aspen Institute article here.
Western Alliance Bank
Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. Western Alliance Bank includes six legacy bank brands — Alliance Association Bank, Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank — that continue to be part of the company’s heritage. Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2024, Western Alliance Bancorporation again was #1 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list.