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Tory Burch Foundation and Bank of America Expand Elizabeth Street Capital Initiative

Initiative Now Supporting Women Entrepreneurs in Los Angeles and Throughout Texas, Illinois and Missouri

Wednesday, November 19, 2014 9:30 am EST

Dateline:

CHARLOTTE, N.C.

Public Company Information:

NYSE:
BAC
"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."

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:

Since the launch, CDFI partners have disbursed affordable loans to women entrepreneurs across the country in a range of industries from hospitality and home improvement to fashion and beauty.

“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
The Tory Burch Foundation launched in 2009 to support the economic empowerment of women entrepreneurs and their families in the U.S. The foundation provides access to affordable loans, entrepreneurial education, mentoring support and networking programs enabling women to start and grow their own businesses. For more information, visit www.toryburchfoundation.org.

Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small businesses, middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 48 million consumer and small business relationships with approximately 4,900 retail banking offices and approximately 15,700 ATMs and award-winning online banking with 31 million active users and more than 16 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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Contact:

Reporters May Contact:
Noelle Bell, Bank of America, 1.980.388.6791
noelle.bell@bankofamerica.com
Kerry-Lynne Carrera, Tory Burch Foundation, 1.646.723.6632
kcarrera@toryburch.com