TMCnet News
Bank of America Makes $100 Million Capital Commitment to Support Women Entrepreneurs With Affordable Loans Through Partnership With Tory Burch FoundationBank of America is doubling its investment in the Tory Burch Foundation Capital Program, committing $100 million in capital to connect women small business owners to affordable loans. Since the Tory Burch Foundation Capital Program launched five years ago, more than 2,500 women entrepreneurs have received $46 million in loans through community development financial institutions (CDFIs) to help them grow and refine their businesses. "We recognize that women entrepreneurs help fuel economic growth in communities across the U.S., and that access to capital remains a key challenge," said Andrew Plepler, global head of Environmental, Social and Governance (ESG), Bank of America. "Partnering with the Tory Burch Foundation to advance women in small business is one way we invest in the future of local economies." Launched in 2014, the Tory Burch Foundation Capital Program is a partnership between Bank of America and the Tory Burch Foundation that aims to increase the number and size of businesses owned and led by women. Only 1 in 23 loan dollars is distributed to women-owned businesses in the United States. The program connects women business owners to affordable loans that are administered through local CDFIs, which provide capital and financial services to underserved markets and populations, including women entrepreneurs. Bank of America is the largest investor in CDFIs, with more than $1.5 billion in investments to 255 CDFI partners across the U.S. "We know women pay back loans at higher rates than men, but because of cultural bias, they are denied critical capital to grow their businesses," says Tory Burch, founder of the Tory Burch Foundation. "Over the past five years, the Capital Program has allowed us to reach women businesses owners at scale, and we're looking forward to doubling that investment." Through the Tory Burch Foundation Capital Program, business owners such as Mia Parton, who founded Aeparmia Engineering, a minority woman- and LGBTQ-owned professional civil engineering firm, are able to grow strategically. Parton leveraged the funds provided through the Tory Burch Foundation Capital Program for working capital to design and manage infrastructure projects, such as water distribution and wastewater collection systems that help advance and protect communities. The program operates in 17 states, including Arizona, California, Colorado, Florida, Georgia, Illinois, Kansas, Massachusetts, Missouri, Nevada, New Mexico, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, and Texas. CDFIs participating in the capital program offer a 2 percent interest rate reduction on loans for qualifying borrowers. CDFI partners work with women representing a range of industries, including accounting, hospitality, home improvement, fashion, and child care. Through partnerships like the Tory Burch Foundation Capital Program, Bank of America has helped more than 11,000 women entrepreneurs through mentoring, training and access to capital. The company has a long-standing history of supporting women within the company, making the financial lives of women clients and customers better and advancing economic empowerment of women in communities around the world. The bank's investments to advance women entrepreneurs are part of its approach to responsible growth and an example of how the company deploys capital to advance economic and social progress. For more information o the Tory Burch Foundation Capital Program, please visit www.bankofamerica.com/toryburchfoundation or www.ToryBurchFoundation.org.
Tory Burch Foundation Follow the Tory Burch Foundation on Instagram, Facebook, LinkedIn and Twitter with #EmbraceAmbition.
Bank of America For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190308005096/en/ |