Entrepreneur Tory Burch launched her foundation in 2009, several years after starting her own business and learning about the obstacles that women in business face along the way.
Bank of America partners with the foundation to give women entrepreneurs the opportunity to access affordable loans through Community Lenders, also known as Community Development Financial Institutions (CDFIs). CDFIs are local lenders providing credit and financial services to underserved markets and populations, including women, to encourage and enhance economic growth and development.
The Tory Burch Foundation Capital Program operates in 17 states and has distributed $10 million in loans to nearly 300 women across a wide range of industries. Bank of America recently doubled its investment in the program, now providing a total of $20 million in loans for women entrepreneurs for 2016 and 2017. This additional support allows for more growth in a diverse array of businesses.
In Philadelphia, the funds will be administered through Entrepreneur Works, the community development financial institution. It will be able to offer a 2 percent interest-rate reduction on loans for qualifying borrowers.
Since the creation of the Tory Burch Program in 2014, 16 women owning small businesses in Philadelphia, including Wild Mantle and Mushmina, have received loans from Entrepreneur Works.