Commitment Doubles the Company’s Prior
Investment
Bank of America is doubling its investment in the Tory Burch
Foundation Capital Program, committing $100 million in capital to
connect women small business owners to affordable loans. Since the
Tory Burch Foundation Capital Program launched five years ago, more
than 2,500 women entrepreneurs have received $46 million in loans
through community development financial institutions (CDFIs) to
help them grow and refine their businesses.
“We recognize that women entrepreneurs help fuel economic growth
in communities across the U.S., and that access to capital remains
a key challenge,” said Andrew Plepler, global head of
Environmental, Social and Governance (ESG), Bank of America.
“Partnering with the Tory Burch Foundation to advance women in
small business is one way we invest in the future of local
economies.”
Launched in 2014, the Tory Burch Foundation Capital Program is a
partnership between Bank of America and the Tory Burch Foundation
that aims to increase the number and size of businesses owned and
led by women. Only 1 in 23 loan dollars is distributed to
women-owned businesses in the United States. The program connects
women business owners to affordable loans that are administered
through local CDFIs, which provide capital and financial services
to underserved markets and populations, including women
entrepreneurs. Bank of America is the largest investor in CDFIs,
with more than $1.5 billion in investments to 255 CDFI partners
across the U.S.
“We know women pay back loans at higher rates than men, but
because of cultural bias, they are denied critical capital to grow
their businesses,” says Tory Burch, founder of the Tory Burch
Foundation. “Over the past five years, the Capital Program has
allowed us to reach women businesses owners at scale, and we’re
looking forward to doubling that investment."
Through the Tory Burch Foundation Capital Program, business
owners such as Mia Parton, who founded Aeparmia Engineering, a
minority woman- and LGBTQ-owned professional civil engineering
firm, are able to grow strategically. Parton leveraged the funds
provided through the Tory Burch Foundation Capital Program for
working capital to design and manage infrastructure projects, such
as water distribution and wastewater collection systems that help
advance and protect communities.
The program operates in 17 states, including Arizona,
California, Colorado, Florida, Georgia, Illinois, Kansas,
Massachusetts, Missouri, Nevada, New Mexico, New Jersey, New York,
North Carolina, Pennsylvania, South Carolina, and Texas. CDFIs
participating in the capital program offer a 2 percent interest
rate reduction on loans for qualifying borrowers. CDFI partners
work with women representing a range of industries, including
accounting, hospitality, home improvement, fashion, and child
care.
Through partnerships like the Tory Burch Foundation Capital
Program, Bank of America has helped more than 11,000 women
entrepreneurs through mentoring, training and access to capital.
The company has a long-standing history of supporting women within
the company, making the financial lives of women clients and
customers better and advancing economic empowerment of women in
communities around the world. The bank’s investments to advance
women entrepreneurs are part of its approach to responsible growth
and an example of how the company deploys capital to advance
economic and social progress.
For more information on the Tory Burch Foundation Capital
Program, please visit www.bankofamerica.com/toryburchfoundation or
www.ToryBurchFoundation.org.
Tory Burch FoundationThe Tory Burch Foundation advances women’s
empowerment and entrepreneurship in the United States by providing
access to capital, education and digital resources: The Fellows
Program has provided over $600,000 in grants to help women grow
their businesses; the Tory Burch Capital Program, powered by Bank
of America has distributed more than $46 million in loans to more
than 2,500 women entrepreneurs; more than 200 women have completed
an in-depth business education course through the Tory Burch
Foundation cohort of Goldman Sachs 10,000 Small Businesses
Education Program; and the Foundation’s website, www.ToryBurchFoundation.org, is a go-to
destination for women entrepreneurs. The Foundation’s global
initiative #EmbraceAmbition launched in March 2017, encouraging
women everywhere to own their power, their drive and their dreams.
Each month, the Foundation provides online tools and digital
education to more than 270,000 women, and more than 10,000 women
have created their business plans on ToryBurchFoundation.org.
Follow the Tory Burch Foundation on Instagram, Facebook,
LinkedIn and Twitter with #EmbraceAmbition.
Bank of AmericaAt 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. Learn more
at about.bankofamerica.com, and connect with us on
Twitter (@BofA_News).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20190308005096/en/
Reporters May Contact:Fiona Hill, Bank of America,
1.980.387.8687fiona.a.hill@bankofamerica.com
Frances Pennington, SVP Global PR & Brand Communications,
Tory Burchfpennington@toryburch.com
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