Bank of America today announced an additional $20 million in funding available through the Tory Burch Foundation Capital Program to connect more women entrepreneurs to affordable loans, administered by community development financial institutions (CDFIs). Since launching in January 2014, more than $30 million in capital has been deployed to more than 1,400 women entrepreneurs, bringing the total capital program commitment to $50 million.
“Our work with the Tory Burch Foundation Capital Program represents one way we are able to deploy capital in support of sustainable economic growth in our local communities,” said Anne Finucane, vice chairman, Bank of America. “The program elevates economic and social progress for women entrepreneurs and helps to grow small businesses in communities across the U.S.”
Bank of America is the largest investor in CDFIs, with more than $1.5 billion in investments to more than 260 CDFIs across the U.S. and the District of Columbia. The Tory Burch Foundation Capital Program, powered by Bank of America, aims to increase the number and size of businesses owned and led by women, creating communities of women entrepreneurs and advancing economic growth across the country.
“Access to capital is one of the biggest obstacles women entrepreneurs face today. Just $1 in $23 in loans goes to women-owned businesses, and that needs to change,” said Tory Burch, founder of the Tory Burch Foundation. “Our capital program with Bank of America is helping to level the playing field, and we are absolutely thrilled to continue our partnership and build on our success with the bank’s increased commitment of capital.”
The capital program is currently operating in 16 U.S. states. The CDFIs listed below are participating in the capital program and offering a 2 percent interest rate reduction on loans for qualifying borrowers:
One of the capital program’s success stories is that of entrepreneur and dance instructor Toni Ricci, who opened her Elite Dance and Performing Arts Center in Woodland Hills, Calif. Ricci needed working capital to grow her business, but with a low credit score and no savings, she couldn’t get a loan from traditional sources.
A Tory Burch Foundation Capital Program loan, administered through VEDC, a nonprofit CDFI in L.A., was game-changing. “We started with 60 students; now, we have nearly 400 students and offer more than 100 weekly classes. We also train 15 competitive teams that travel across the country,” said Ricci, whose business now has 20 employees.
Today, Bank of America is hosting a thought leadership event, “Women Driving Economic & Social Progress” (#WomenLead), at The Getty Center in Los Angeles, bringing together influential women leaders to discuss women’s empowerment. Featured speakers include:
For more information about the Tory Burch Foundation Capital Program, please visit www.toryburchfoundation.org/capital. For information about Bank of America’s commitment to empowering women leaders, please visit www.bankofamerica.com/women.
The Tory Burch Foundation empowers women entrepreneurs by providing access to capital, education and digital resources. In the past year, the Foundation provided online tools and digital education to more than 200,000 women entrepreneurs and more than 10,000 women created their business plans on ToryBurchFoundation.org. The Foundation’s global initiative, #EmbraceAmbition launched in March 2017, encouraging women everywhere to own their power, their drive and their dreams.
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter (@BofA_News).
# # #