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 $50 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. The company is again #1 best-performing of the 50 largest public U.S. banks in the S&P Global Market Intelligence listing for 2020, ranks high on the Forbes “Best Banks in America” list year after year and was named #1 Best Emerging Regional Bank per Bank Director’s 2022 RankingBanking study. Its primary subsidiary, Western Alliance Bank, Member FDIC, helps clients realize their ambitions with teams of experienced bankers and mortgage experts who deliver superior service and a full spectrum of customized loan, deposit and treasury management capabilities, including blockchain-based offerings. Business clients also benefit from a powerful array of specialized financial services that provide strong expertise and tailored solutions for a wide variety of industries and sectors. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking brands and has offices in key markets nationwide.