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 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 nine year partnership, we’ve provided more than $95 million in capital to connect women small business owners to affordable loans. Since the program’s launch, more than 5,500 women entrepreneurs have received loans through Community Development Financial Institutions (CDFIs) to help them grow and refine their businesses, in the fields of tax & accounting, construction, fashion, auto mechanics, food service, health & beauty and more.
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 Pam Seagle, Bank of America Global Women's Programs executive, “Partnering with the Tory Burch Foundation to advance women in small business is one way we invest in the future of local economies.”