A Tory Burch Foundation and Bank of America initiative for women entrepreneurs
Over the last 40 years, women-owned businesses have become an increasingly important part of the U.S. economy, growing from 5 percent to 30 percent of all businesses. These enterprises generate trillions of dollars in economic activity and revitalize communities by providing tens of millions of jobs, yet women entrepreneurs still face significant obstacles, including equitable access to capital and business networks.
Established out of a mutual recognition of the opportunity that exists to support women entrepreneurs and advance local economic growth, Bank of America and the Tory Burch Foundation (TBF) launched the Elizabeth Street Capital initiative, dedicated to ensuring women business owners have access to the resources they need to grow successful businesses.
The initiative launched with an investment of $10 million in low-cost capital from Bank of America and additional funds for operating expenses shared by the Tory Burch Foundation and Bank of America Charitable Foundation. Loans are administered through local community development financial institutions (CDFIs) that provide credit and financial services to underserved markets and populations, including women entrepreneurs.
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.
After launching in six markets, the program has continued to expand to additional areas across the nation, including Los Angeles and throughout Texas, Illinois and Missouri.
As part of the Elizabeth Street Capital initiative, Bank of America and the Tory Burch Foundation will also leverage their physical presence in these cities to offer mentoring events and ongoing networking opportunities for women entrepreneurs.
Ultimately, the goal is to increase the number and size of businesses owned and led by women, and to make an impact beyond the individual program participants by creating networks of women entrepreneurs and promoting stronger local economies.
To learn more about the partnership, visit www.toryburchfoundation.org or review the frequently asked questions. To join the conversation and see how we’re connecting women to economic empowerment worldwide, visit us here and on Twitter at @BofA_Community.
Local community development financial institutions
Do you own a business? Want to apply for a loan from Elizabeth Street Capital? For more information, please visit www.toryburchfoundation.org or contact a community development financial institution (CDFI) in your area:
- Accion East, 1.866.245.0783, 56 Roland Street, Suite 300, Boston, MA 02129, website: www.accionusa.org
- Accion Chicago, 1.312.275.3000, 1436 W. Randolph Street, Suite 300, Chicago, IL 60607, website: www.accionchicago.org
- Nevada Microenterprise Initiative (in partnership with VEDC), 1.702.734.3555, 112 South Water Street, Henderson, NV 89015, website: www.4microbiz.com
- Valley Economic Development Center, 1.818.907.9977, 5121 Van Nuys Blvd., 3rd Floor, Van Nuys, CA 91403, website: www.VEDC.org
- justine PETERSEN, 1.314.533.2411, 1023 North Grand Blvd, Saint Louis, Missouri 63106, website: www.justinepetersen.org/
- UCEDC, 1.908.527.1166, 75 Chestnut Street, Cranford, NJ 07016-2937, email: email@example.com; website: www.ucedc.com
- Accion East, 1.866.245.0783, 80 Maiden Lane, Suite 903, New York, NY 10038, website: www.accionusa.org
- Self-Help, 1.800.476.7428, 926 Elizabeth Avenue, Suite 302, Charlotte, NC 28204, email: firstname.lastname@example.org; website: www.self-help.org/elizabethstreetcapital
- Entrepreneur Works, 1.215.545.3100 x226, 111 S. Independence Mall East, The Bourse Building, Suite 810, Philadelphia, PA 19106, email: email@example.com; website: www.myentrepreneurworks.org
- Opportunity Fund, 1.408.297.0204, 100 Bush Street, Suite 1550, San Francisco, CA, email: firstname.lastname@example.org; website: www.opportunityfund.org/loans
- PeopleFund, website: www.peoplefund.org
– Austin: 1.512.472.8087, 2921 E. 17th St, Building D, Suite 1, Austin, TX 78702
– Dallas: 1.214.942.6698, 2801 Swiss Ave, Suite 120, Dallas, TX 75204
– Houston: 1.888.222.0017 ext 140, 12337 Jones Rd, Suite 407, Houston TX 77070