First Eagle Bank has continued an ongoing commitment to lending to entrepreneurs who lack access to traditional bank financing, especially businesses located in low-to-moderate income (LMI) communities. In partnership with the Entrepreneur Backed Assets (EBA) Fund, a non-profit that supports CDFIs’ financing businesses in LMI areas, FEB purchased three loan participations in 2021. These loans benefited minority and women-owned entrepreneurs and First Eagle also provided over $13,000 in unrestricted program grants to EBA Fund. First Eagle's investment helps businesses like ArePA George, owned by Juan Betancourt (pictured right). ArePA George is a Columbian restaurant which opened its doors in Chicago's Humboldt Park neighborhood in late 2017.
The loans purchased through EBA Fund were made by Allies for Community Business (A4CB), a local CDFI that focuses solely on meeting needs of underbanked small businesses in Chicagoland area. By taking on the risk of these loans and providing capital back to the CDFI, First Eagle Bank has made a direct and consequential impact.
We are proud to be supporting fellow CDFI’s and partnering with them in supporting small businesses, including minority and women-owned firms, and look forward to further advancing our community impact in these neighborhoods.