Tory Burch Foundation and Bank of America Expand Elizabeth Street Capital Initiative
In recognition of global Women’s Entrepreneurship Day, the Tory Burch Foundation and Bank of America today announced the expansion of Elizabeth Street Capital to Los Angeles and throughout Texas, Illinois and Missouri. The initiative, which has a presence in markets across the United States, helps provide women small business owners with access to affordable loans, mentoring support and networking opportunities, enabling them to grow their businesses and creating communities of women entrepreneurs.
“Women business owners are a true catalyst for revitalizing communities and building more vibrant economies, but that can’t happen without access to capital,” said Anne Finucane, Bank of America global chief strategy and marketing officer. “Expanding this partnership means more women will have an opportunity to establish or grow their business.”
The Elizabeth Street Capital initiative launched in January 2014 with an initial investment of $10 million from Bank of America and additional funds for operating grants shared by the Tory Burch Foundation and Bank of America Charitable Foundation. The loans are administered through local community development financial institutions (CDFIs) that provide credit and financial services to underserved markets and populations, including women entrepreneurs.
Since the launch, CDFI partners have disbursed affordable loans to women entrepreneurs across the country in a range of industries from hospitality and home improvement to fashion and beauty.
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