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 Elizabeth Street Capital initiative launched with an investment of $10 million in low-cost capital from Bank of America and additional funds for operating expenses shared by TBF and Bank of America. The loans will be administered through local nonprofit entrepreneurial loan centers (also known as Community Development Financial Institutions – CDFIs) that support low-and moderate-income communities. The initial launch will support women entrepreneurs in Boston, Charlotte, Las Vegas, New York, Philadelphia, and San Francisco, but will expand to additional markets over the next two years.
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 nonprofit entrepreneurial loan center partners
Elizabeth Street Capital – a Tory Burch Foundation and Bank of America initiative – has launched initial operations in six markets. For more information, please visit www.toryburchfoundation.org or contact a nonprofit entrepreneurial loan center partner in your area:
- Accion East, 1.866.245.0783, 56 Roland Street, Suite 300, Boston, MA 02129, 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
- Nevada Microenterprise Initiative (in partnership with VEDC), 1.702.734.3555, 112 South Water Street, Henderson, NV 89015, website: www.4microbiz.com
- 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
- Entrepreneur Works, 1.215.545.3100 x226, 111 S. Independence Mall East, The Bourse Building, Suite 810, Philadelphia, PA 19106, email: firstname.lastname@example.org; website: www.myentrepreneurworks.org