Efforts Spread Among Nonprofits, Businesses And Consumers
March 25, 2020
Eastern Bank and Eastern Bank Charitable Foundation announced over $10 million in funding to help offset the impact of the coronavirus epidemic. Half the funds will go toward business loans.
Eastern Bank Charitable Foundation will target $3 million in financial support to area nonprofit partners focused on COVID-19 relief, while Eastern Bank has created two loan funds that will provide a total of $7 million to its individual and small business customers experiencing financial hardship as a result of the coronavirus crisis.
Specifically, the Consumer Impact Loan Fund will provide $2 million in lending to local individuals and families, and the Small Business Impact Loan Fund will provide $5 million in lending to small businesses.
Eastern Bank Charitable Foundation's additional $3 million commitment targeted for COVID-19 relief noted above, will help communities across Massachusetts, New Hampshire, and Rhode Island with grants supporting regional community organizations' assistance; as well as nonprofit partners providing relief in food security, support to small businesses with a focus on small businesses of color, and across the community healthcare system. This commitment is in addition to Eastern Bank Charitable Foundation's already planned $10 million in community support for 2020.
"Eastern is partnering with relief efforts already underway by our local governments, agencies, and community leaders, as we all come together to support each other and our community. We are incredibly grateful to everyone on the front lines helping our neighbors in the midst of this pandemic," Bob Rivers, Chair and CEO of Eastern Bank, added.
Read more about Eastern’s $10 million coronavirus aid.
The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.