Eastern Bank honors community loan fund: Seacoast business news
New Hampshire Community Loan Fund honored with Community Advocacy Award
BOSTON, Mass. – The Eastern Bank Foundation announced that the New Hampshire Community Loan Fund was the recipient of the 2022 Community Advocacy Award for its pioneering efforts in providing loans, capital, training and technical assistance that help New Hampshire businesses and people Hampshire to achieve economic stability. Founded 38 years ago as a community development financial institution, the Community Loan Fund helps New Hampshire residents access affordable housing, secure jobs and quality child care, and has reached 170 cities and all New Hampshire counties. The impact reported by the Community Loan Fund includes more than $400 million in loans and the creation or preservation of more than 10,800 affordable housing units and 3,900 jobs.
“For decades, the New Hampshire Community Loan Fund has laid the foundation for many people to thrive in New Hampshire by extending the reach of conventional lenders and public institutions and bringing people and institutions together to solve problems,” said Nancy Huntington Stager, President and CEO of the Eastern Bank Foundation.
The Community Loan Fund pioneered the role of a CDFI as a financial partner in revitalizing economically challenged and underserved communities, and serves as a catalyst to enable traditionally underserved people to participate more fully in the economy. of New Hampshire. Its work with small businesses focuses on providing loans, capital and technical assistance. He has invested millions of dollars and helped secure millions more in small business loans in sectors such as manufacturing, technology, retail and energy. It has also facilitated nearly 80,000 hours of technical assistance to small businesses.
Steve Saltzman, President and CEO of New Hampshire Community Loan Fund, said, “The New Hampshire Community Loan Fund aims to transform lives by bringing economic justice to people, neighborhoods and communities that have historically been deprived of their rights.
Zachery Palmer, Community Business Lender at the New Hampshire Community Loan Fund, added, “Closing the wealth gap and solving disparities requires a multifaceted, scalable approach. By creating new, innovative capital structures that help community businesses with the financial resources and tools to thrive, we are moving closer to a fair economy.
The celebration of Eastern’s Community Advocacy Award coincides with the Eastern Bank Foundation’s commitment to economic inclusion and mobility through its philanthropy, volunteerism and advocacy, including advancing equity in the small business ecosystem. Recognizing that entrepreneurs and business owners are building blocks of the local economy, the Foundation seeks to fund organizations that create supportive ecosystems for business owners in historically disadvantaged communities, including Black, Latinx, Asians, Women, LGBTQ+, Veterans, and People with Disabilities.
Learn more about all the 2022 Community Advocacy Award winners at:
Eastern Bank Welcomes Asian Atlantic Industries, LLC as an Asset-Based Lending Client
BOSTON, Mass. – Eastern Bank announced Asian Atlantic Industries, LLC as a new asset-based lending customer. Founded in 1998 by CEO Tom Mahoney, AAI is a global supplier of electronic components and semiconductors. Based in Portsmouth, New Hampshire, AAI uses its proprietary software to track the universe of supply and demand, providing customers with real-time product availability from its extensive database of manufacturers and retailers. .
“Asian Atlantic Industries is delighted to enter into a new banking relationship with Eastern Bank,” said Tom Mahoney, Founder and CEO of Asian Atlantic Industries, LLC. “The experience and relationship orientation of the Eastern team was evident from our first meetings. The flexibility of the financing solution will allow our business to take advantage of current market opportunities and support our recent growth. and projected.
“For more than 20 years, Asian Atlantic Industries has served the growing electronic components market with a commitment to providing exceptional customer support,” said Greg Buscone, Executive Vice President, Senior Director of Commercial Banking, Eastern Bank. “We are proud to meet their financing needs.”
Eastern offers a range of trade finance offerings to help businesses in many industries improve cash flow, increase efficiency and build for the future. Commercial lending solutions include working capital/lines of credit, equipment/term loans, real estate loans, acquisition financing, asset-based lending and stock plan financing employees.
The Commercial Banking team advising Asian Atlantic Industries includes Executive Vice President, Senior Director of Commercial Banking Greg Buscone, Head of Asset-Backed Lending Don Lewis, and Senior Vice President and Managing Director of relationships, Dan Bolger.