Tory Burch Foundation and Bank of America Support Women Entrepreneurs With Increased Funding
November 09 2017 - 9:00AM
Business Wire
$50 Million Capital Commitment Will Connect
More Women Entrepreneurs to Affordable Loans
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:
- Access to Capital for Entrepreneurs
(ACE): Georgia
- Accion: Illinois (Chicago and
surrounding areas), New York, Florida, Massachusetts, Arizona,
Colorado, New Mexico
- Carolina Small Business Development
Fund: North Carolina
- Entrepreneurs Works: Pennsylvania
- justinePETERSEN: Missouri (metro St.
Louis), Illinois (downstate), Kansas
- Opportunity Fund: Northern
California
- PeopleFund: Texas
- Union County Economic Development
Corporation (UCEDC): New Jersey
- VEDC: Southern California, Nevada
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:
- Tory Burch, CEO and Chief Creative
Officer of Tory Burch LLC and founder of the Tory Burch
Foundation
- Ruth Garcia-Corrales, executive
director, VEDC Women’s Business Center
- Anne Finucane, vice chairman, Bank of
America
- Maria Shriver, journalist, author and
founder of The Women's Alzheimer's Movement
- Melanne Verveer, Seneca Women
co-founder and Georgetown Institute for Women, Peace and Security
executive director
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.
About The Tory Burch FoundationThe 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.
Follow the Tory Burch Foundation
on Instagram, Facebook, LinkedIn and Twitter with
the hashtag #EmbraceAmbition.
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version on businesswire.com: http://www.businesswire.com/news/home/20171109005107/en/
Reporters May Contact:Noelle Bell, Bank of America,
1.980.388.6791noelle.bell@bankofamerica.comFrances Pennington,
Global PR & Brand Communications, Tory
Burchfpennington@toryburch.com
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