Thu, April 21, 2016
Orlando, FL - Bank of America announced that it is doubling its investment in the Tory Burch Foundation Capital Program (formerly Elizabeth Street Capital) to connect more women small business owners to affordable capital through community development financial institutions (CDFIs), including Accion East. Since the Tory Burch Foundation Capital Program was announced in January 2014, $10 million has been loaned to women entrepreneurs during that two-year timeframe. Over the next two years, the bank will increase program funding to $20 million for loans in 2016 and 2017.
Since the launch of the program in 2014, Accion East has invested $119,000 in affordable loans to 17 women in Florida. Now, following this announcement, Accion East will receive an infusion of funds to help more women entrepreneurs in Florida to maximize their economic potential.
The program has also expanded to four additional states with two new CDFI partners - Georgia (Access to Capital for Entrepreneurs – ACE), Arizona, Colorado and New Mexico (Accion New Mexico). In addition, CDFIs participating in the capital program will be able to offer a 2 percent interest rate reduction on loans for qualifying borrowers, increasing the resources entrepreneurs have to grow their businesses and contribute to the local economy in Florida.
First launched in 2014, the Tory Burch Foundation Capital Program is a partnership between Bank of America and the Tory Burch Foundation that aims to increase the number and size of businesses owned and led by women, creating communities of women entrepreneurs. The program connects women business owners with affordable loans that are administered through local CDFIs, which provide capital and financial services to underserved markets and populations, including women entrepreneurs. Bank of America is the largest investor in CDFIs, with more than $1 billion in investments to more than 240 CDFI partners across the U.S.
Including the four new markets, the program has been launched in 17 states: Arizona, California, Colorado, Florida, Georgia, Illinois, Kansas, Massachusetts, Missouri, Nevada, New Mexico, New Jersey, New York, North Carolina, Pennsylvania, South Carolina and Texas. CDFI partners have disbursed $10 million in affordable loans to nearly 300 women entrepreneurs in a range of industries, including hospitality, home improvement, fashion and child care.
For many women in Florida, the program has been more than a source of financial capital; it has become a means to reinvest in their families and their communities.
Bank of America’s partnership with the Tory Burch Foundation demonstrates a shared commitment to advancing women’s economic empowerment by connecting women entrepreneurs to the capital they need to succeed. From developing women within the company, to creating products and strategies that meet women’s needs and supporting women leaders globally, Bank of America is committed to supporting women’s economic advancement around the world.