The Tory Burch Foundation Capital Program, powered by Bank of America

Connecting women entrepreneurs to affordable loans

Over the last 40 years, women-owned businesses have generated trillions of dollars in economic activity and revitalized communities by providing tens of millions of jobs. Yet women entrepreneurs still face significant obstacles, including equitable access to capital and business networks. That’s why Bank of America and the Tory Burch Foundation launched the Tory Burch Foundation Capital Program, dedicated to helping connect women business owners to affordable loans to help grow their businesses.

Since the Tory Burch Foundation Capital Program launched in January 2014, we’ve committed $30 million in loans through the end of 2017. So far, more than 1,000 women entrepreneurs in 17 states have received affordable loans because of the program.

How does it work? The video below explains the process.

The partnership shows a shared commitment to advancing women’s economic empowerment by connecting women entrepreneurs to the capital they need to succeed. Bank of America supports women’s economic advancement around the world, including developing women within our company and investing in women entrepreneurs.

To join the conversation and see how we’re connecting women to economic empowerment worldwide, visit us here and on Twitter at @BofA_News.

One such business owner is chocolatier Andréa Pedraza. The Tory Burch Foundation Capital Program has enabled her and her daughter Cindy to grow their business CocoAndré into the first women-occupied, owner-owned, Hispanic business in Dallas’ Oak Cliff neighborhood. The program has been more than a source of financial capital for the Pedrazas—it has become a mechanism through which they can reinvest in their families and their communities. Andréa notes, “Our husbands and the people in our neighborhood are proud of the fact that we are Hispanic women who own a business. We have seen a lot of support and reoccurring customers—people who have made our chocolates a part of their holidays and traditions, and who want to see us succeed.”

Since the Tory Burch Foundation Capital Program launched in January 2014, $25 million has been loaned to nearly 1,100 women entrepreneurs. Over the next two years, the bank will increase program funding to $20 million for loans in 2016 and 2017.

Learn more about the Tory Burch Foundation Capital Program and how they empower women entrepreneurs.

To join the conversation and see how we’re connecting women to economic empowerment worldwide, visit us here and on Twitter at @BofA_News.

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Local community development financial institutions

Do you own a business? Want to apply for a loan from the Tory Burch Foundation Capital Program? For more information, please visit www.toryburchfoundation.org or contact a community development financial institution (CDFI) in your area:

Arizona

  • Accion in Arizona, 1.602.252.3884, P.O. Box 41237, Tucson, AZ, 85717, website: www.us.accion.org

Colorado

  • Accion in Colorado, 1.303.904.9362, 1441 18th St #150, Denver, CO 80202, website: www.us.accion.org

Florida

  • Accion East, 1.866.245.0783, 80 Maiden Lane, Suite 903, New York, NY 10038, website: www.accionusa.org

Illinois

  • Accion Chicago, 1.312.275.3000, 1436 W. Randolph Street, Suite 300, Chicago, IL 60607, website: www.accionchicago.org

Las Vegas

  • Nevada Business Opportunity Fund, 1.702.734.3555, 112 South Water Street, Henderson, NV 89015, website: www.vedc.org/nevada

Los Angeles

  • VEDC, 1.818.907.9977, 5121 Van Nuys Blvd., 3rd Floor, Van Nuys, CA 91403, website: www.VEDC.org

Missouri

  • justine PETERSEN, 1.314.533.2411, 1023 North Grand Blvd, Saint Louis, Missouri 63106, website: www.justinepetersen.org/

New Jersey

New Mexico

  • Accion in New Mexico, 1.505.243.8844, 2000 Zearing Ave. NW, Albuquerque, NM, 87104-2045, website: www.us.accion.org

New York

  • Accion East, 1.866.245.0783, 80 Maiden Lane, Suite 903, New York, NY 10038, website: www.accionusa.org

North Carolina

Philadelphia

San Francisco

Texas

– 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


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