Tory Burch Foundation and Bank of America Support Women Entrepreneurs With Increased Funding

[End Subhead]
[Start Distributor]
Business Wire 9-Nov-2017 9:00 AM
[End Distributor]
$50 Million Capital Commitment Will Connect More Women Entrepreneurs to Affordable Loans
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Bank of America today announced an additional $20 million in funding available through the Tory Burch Foundation Capital Program to connect more women entrepreneurs to affordable loans, administered by community development financial institutions (CDFIs). Since launching in January 2014, more than $30 million in capital has been deployed to more than 1,400 women entrepreneurs, bringing the total capital program commitment to $50 million.
Our work with the Tory Burch Foundation Capital Program represents one way we are able to deploy capital in support of sustainable economic growth in our local communities, said Anne Finucane, vice chairman, Bank of America. The program elevates economic and social progress for women entrepreneurs and helps to grow small businesses in communities across the U.S.
Bank of America is the largest investor in CDFIs, with more than $1.5 billion in investments to more than 260 CDFIs across the U.S. and the District of Columbia. The Tory Burch Foundation Capital Program, powered by Bank of America, aims to increase the number and size of businesses owned and led by women, creating communities of women entrepreneurs and advancing economic growth across the country.
Access to capital is one of the biggest obstacles women entrepreneurs face today. Just $1 in $23 in loans goes to women-owned businesses, and that needs to change, said Tory Burch, founder of the Tory Burch Foundation. Our capital program with Bank of America is helping to level the playing field, and we are absolutely thrilled to continue our partnership and build on our success with the banks increased commitment of capital.
The capital program is currently operating in 16 U.S. states. The CDFIs listed below are participating in the capital program and offering a 2 percent interest rate reduction on loans for qualifying borrowers:
Access to Capital for Entrepreneurs (ACE): Georgia
Accion: Illinois (Chicago and surrounding areas), New York, Florida, Massachusetts, Arizona, Colorado, New Mexico
Carolina Small Business Development Fund: North Carolina
Entrepreneurs Works: Pennsylvania
justinePETERSEN: Missouri (metro St. Louis), Illinois (downstate), Kansas
Opportunity Fund: Northern California
PeopleFund: Texas
Union County Economic Development Corporation (UCEDC): New Jersey
VEDC: Southern California, Nevada
One of the capital programs success stories is that of entrepreneur and dance instructor Toni Ricci, who opened her Elite Dance and Performing Arts Center in Woodland Hills, Calif. Ricci needed working capital to grow her business, but with a low credit score and no savings, she couldnt get a loan from traditional sources.
A Tory Burch Foundation Capital Program loan, administered through VEDC, a nonprofit CDFI in L.A., was game-changing. We started with 60 students; now, we have nearly 400 students and offer more than 100 weekly classes. We also train 15 competitive teams that travel across the country, said Ricci, whose business now has 20 employees.
Today, Bank of America is hosting a thought leadership event, Women Driving Economic & Social Progress (#WomenLead), at The Getty Center in Los Angeles, bringing together influential women leaders to discuss womens empowerment. Featured speakers include:
Tory Burch, CEO and Chief Creative Officer of Tory Burch LLC and founder of the Tory Burch Foundation
Ruth Garcia-Corrales, executive director, VEDC Womens Business Center
Anne Finucane, vice chairman, Bank of America
Maria Shriver, journalist, author and founder of The Women's Alzheimer's Movement
Melanne Verveer, Seneca Women co-founder and Georgetown Institute for Women, Peace and Security executive director
For more information about the Tory Burch Foundation Capital Program, please visit www.toryburchfoundation.org/capital. For information about Bank of Americas commitment to empowering women leaders, please visit www.bankofamerica.com/women.
About The Tory Burch FoundationThe Tory Burch Foundation empowers women entrepreneurs by providing access to capital, education and digital resources. In the past year, the Foundation provided online tools and digital education to more than 200,000 women entrepreneurs and more than 10,000 women created their business plans on ToryBurchFoundation.org. The Foundations global initiative, #EmbraceAmbition launched in March 2017, encouraging women everywhere to own their power, their drive and their dreams. Follow the Tory Burch Foundation onInstagram,Facebook,LinkedInandTwitterwith the hashtag #EmbraceAmbition.
Bank of America Environmental, Social and Governance ApproachAt Bank of America, were guided by a common purpose to help make financial lives better, through the power of every connection. Were delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. Its demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter at @BofA_News.
Visit the Bank of America newsroom for more Bank of America news, and click here to register for news email alerts.
www.bankofamerica.com

View source version on businesswire.com: http://www.businesswire.com/news/home/20171109005107/en/
Reporters May Contact:Noelle Bell, Bank of America, 1.980.388.6791noelle.bell@bankofamerica.comFrances Pennington, Global PR & Brand Communications, Tory Burchfpennington@toryburch.com
Source: Bank of America