Bank of America has doubled its investment in the Tory Burch Foundation Capital Program to connect more women small business owners to affordable capital through community development financial institutions.
Since the Tory Burch Foundation Capital Program was launched in January 2014, $10 million has been loaned to female entrepreneurs during the two-year time frame. The women are in a range of industries such as fashion, hospitality, child care and home improvement. The bank will increase program funding to $20 million for loans in 2016 and 2017.
“Women business owners are a critical component of sustainable economic growth,” said Anne Finucane, vice chairman, Bank of America. “Our partnership with the Tory Burch Foundation demonstrates the power of shared success — providing capital that helps women entrepreneurs grow their businesses, in turn helping local economies thrive.”
The program has also expanded to four additional states with two new CDFI partners – Georgia (Access to Capital for Entrepreneurs); Arizona, Colorado and New Mexico (Accion New Mexico), joining the 17 states that currently have the program. CDFIs participating in the capital program are able to offer a 2 percent interest rate reduction on loans for qualifying borrowers.
Tory Burch, founder of the Tory Burch Foundation, said she was very pleased with Bank of America’s continued commitment to the foundation’s mission, including this “extraordinary additional investment.
“By investing in women, we are strengthening families and communities, creating jobs and helping to power economic growth. We know when women succeed, we all succeed,” said Burch.
The Tory Burch Capital Program is a partnership between Bank of America and the Tory Burch Foundation whose purpose is to increase the number and size of businesses owned and led by women, creating communities of women entrepreneurs.
“Women entrepreneurs seeking capital are more likely to be turned down for loans than men, with only one in 23 dollars going to a woman,” said Laurie Fabiano, president of the Tory Burch Foundation. “Women need to be connected to sources that they may not know about.”