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 The Tory Burch and Bank of America Capital Program in 2014, dedicated to helping connect women business owners to affordable loans to help grow their businesses.
Over the five year partnership, we’ve deployed more than $46 million in capital, administered by community development financial institutions (CDFIs), to help more than 2,500 women entrepreneurs across 17 states grow their businesses. In 2019, we’re doubling our overall commitment to $100 million in capital to connect women small business owners to affordable loans.
The program is supporting women business owners in the fields of tax & accounting, construction, fashion, auto mechanics, food service, health & beauty and more.
“We recognize that women entrepreneurs help fuel economic growth in communities across the U.S. and that access to capital remains a key challenge,” said Andrew Plepler, Global Head of ESG, Bank of America. “Partnering with the Tory Burch Foundation to advance women in small business is one way we invest in the future of local economies.”
How does it work? The video below explains the process.