TMCnet News
Tory Burch Foundation and Bank of America Expand Elizabeth Street Capital InitiativeCHARLOTTE, N.C. --(Business Wire)-- In recognition of global Women's Entrepreneurship Day, the Tory Burch Foundation and Bank of America today announced the expansion of Elizabeth Street Capital to Los Angeles and throughout Texas, Illinois and Missouri. The initiative, which has a presence in markets across the United States, helps provide women small business owners with access to affordable loans, mentoring support and networking opportunities, enabling them to grow their businesses and creating communities of women entrepreneurs. "Women business owners are a true catalyst for revitalizing communities and building more vibrant economies, but that can't happen without access to capital," said Anne Finucane, Bank of America global chief strategy and marketing officer. "Expanding this partnership means more women will have an opportunity to establish or grow their business." "We're thrilled to be expanding Elizabeth Street Capital's reach to provide more women small business owners access to the resources they need to grow and scale their businesses," said Tory Burch, founder of the Tory Burch Foundation. "Women are a great investment - they pay back their loans and reinvest their earnings in their families and their communities, creating jobs and driving economic growth. When women entrepreneurs succeed, we all benefit." The Elizabeth Street Capital initiative launched in January 2014 with an initial investment of $10 million from Bank of America and additional funds for operating grants shared by the Tory Burch Foundation and Bank of America Charitable Foundation. The loans are administered through local community development financial institutions (CDFIs) that provide credit and financial services to underserved markets and populations, including women entrepreneurs. Participating CDFI partners include:
"The Elizabeth Street Capital initiative recognizes the value of promoting women entrepreneurs and we're committed to providing the loan capital and technical services to help women business owners and local economies grow," said Roberto Barragan, Valley Economic Development Center president and CEO. Elizabeth Street refers to the location of Tory Burch's first boutique, the launching pad for a business that has grown into a global brand with more than 140 freestanding stores and a presence in more than 50 countries around the world. The name speaks to the hard work and passion that drive successful entrepreneurial ventures and to the enormous potential of women-owned small businesses. Bank of America is the largest investor in CDFIs among major financial institutions, with more than 240 community lender partners across all 50 states, the District of Columbia and Puerto Rico, providing affordable capital, liquidity and technical assistance to promote economic development in low- and moderate-income communities. For additional information, please visit the Tory Burch Foundation website at www.toryburchfoundation.org.
Tory Burch Foundation
Bank of America Visit the Bank of America newsroom for more Bank of America news.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20141119005108/en/ |