Calvert Foundation and Bank of America Partner to Invest in Women
$10 Million Investment Will Support the Economic and Social Advancement of Women in Developing Countries
Bank of America is investing $10 million in Calvert Foundation to make loans to organizations that support women in developing countries throughout Latin America, Asia, Africa and Eastern Europe. These organizations positively affect women in a number of ways, from connecting women-led, small to medium enterprises (SMEs) with financing to providing access to services and products.
Supporting women is critical for creating jobs, sparking local revitalization and building a more vibrant economy. It is estimated that less than 10 percent of women operating SMEs have access to capital, and access to financing is continually identified by women entrepreneurs as a major constraint to growing their businesses. Additionally, SMEs with full or partial female ownership represent 31-38 percent of formal SMEs in emerging markets. These firms typically employ between five and 250 people, representing a significant share of employment generation and economic growth potential.
Jennifer Pryce, Calvert Foundation president and CEO, commented: “We have a strong partnership with Bank of America — they’re not only one of our biggest institutional investors, but this new investment is the largest we’ve received to promote women’s economic empowerment and development. We’re aligned in our goals to empower women around the world, and the nature of the bank’s investment enables us to provide more patient capital, something our portfolio partners need.”
Anne Finucane, Global Strategy and Marketing officer at Bank of America, commented: “Combining our resources with Calvert Foundation’s know-how is a prime example of the role business can play in addressing a significant challenge, in this case a lack of access to capital for women entrepreneurs. These types of partnerships are essential to women’s economic empowerment.”
Calvert Foundation brings its experience investing in women to managing Bank of America’s investment. Calvert Foundation’s Women Investing in Women Initiative (WIN-WIN), launched in 2012, has invested more than $20 million in organizations that empower women in the U.S. and internationally.
The partnership with Calvert Foundation builds on Bank of America’s longstanding commitment to the economic empowerment of women. Through some of our Community Development Financial Institution partners, philanthropy, and business operations, Bank of America is connecting women to the human, social and financial capital needed to succeed, and in the process strengthening local economies around the world.
About Calvert Foundation
Calvert Foundation enables people to invest for social good. Through its flagship Community Investment Note, Calvert Foundation has raised $1 billion in investment from more than 13,000 investors to invest in hundreds of nonprofits and social enterprises worldwide. Investor dollars empower women, fund the construction of affordable housing, provide loans to small business owners, increase access to healthcare, and support fair trade and sustainable agriculture.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and 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 50 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users and more than 14 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.
Bank of America