Tory Burch Foundation and Bank of America Expand Elizabeth Street Capital Initiative
November 19 2014 - 9:30AM
Business Wire
Initiative Now Supporting Women Entrepreneurs
in Los Angeles and Throughout Texas, Illinois and Missouri
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:
- Accion Chicago, Illinois
- Accion East, New York
- Entrepreneur Works, Philadelphia
- justine PETERSEN, Missouri
- Opportunity Fund, San Francisco
- PeopleFund, Texas
- Self-Help, North Carolina
- UCEDC, New Jersey
- Valley Economic Development Center, Los
Angeles and Las Vegas
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 FoundationThe 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 AmericaBank 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.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
Photos/Multimedia Gallery Available:
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Reporters May Contact:Noelle Bell, Bank of America,
1.980.388.6791noelle.bell@bankofamerica.comKerry-Lynne Carrera,
Tory Burch Foundation, 1.646.723.6632kcarrera@toryburch.com
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