The world faces unprecedented challenges that require the deployment of vast amounts of capital.
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Women entrepreneurs are at a huge disadvantage.
Only $1 in every $23 in loans goes to a woman.
The Tory Burch Foundation and Bank of America are working to level the playing field.
Thomas K. Montag, Chief Operating Officer: Tory Burch, when you start talking about her foundation and what she's doing, and I said 'I see the potential for a great partnership between the two of us, being able to finance women entrepreneurs in this country.'
Laurie Fabiano, President of the Tory Burch Foundation: Access to capital is by far the thing that holds women back from growing and sustaining their businesses.
Bank of America partnered with the Tory Burch Foundation and community lenders to come up with a creative solution.
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Laurie Fabiano: By creating this unique partnership between Bank of America, the Tory Burch Foundation, and community lenders,
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we were able to get capital to women who need it in an expeditious way, and in a way where they weren't being taken advantage of with astronomical interest rates.
Together they have provided $30M in capital to 1,000 women entrepreneurs with early-stage, high growth businesses.
Over 97% of these business are still operating and successful.
Anne M. Finucane, Vice Chairman: We've been able to work with women through symposiums we hold, mentorships all over the world, but we do more than that. We deploy capital for these women, to grow their business and to increase their possibilities.
More women-owned businesses means a more equitable economy
And more employees which enrich their communities.
Thomas K. Montag: We came from one business meeting and saying 'well there's things we can do together based on the things that we're doing, the things that she wanted to do, and I think unique skill sets that we both bring to the table, where 1+1 does equal 3 in this case, it doesn't equal 2.
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