Through the Elizabeth Street Capital initiative, Bank of America will provide $10 million over two years in low-interest loans to community development financial institutions in support of women entrepreneurs. CDFI partners participating in the initiative, which is named after the location of Burch's first boutique in New York City, include Accion East (Boston and New York), Self-Help (Charlotte), the Nevada Microenterprise Initiative and Valley Economic Development Center (Las Vegas), Entrepreneur Works (Philadelphia), and Opportunity Fund (San Francisco), with additional markets to be announced over the next two years.
"When we started our foundation, we understood that women entrepreneurs need access to capital as well as access to business networks, and by partnering with Bank of America, we are thrilled to be providing help to women across the United States," said Tory Burch, designer, entrepreneur, and founder of the Tory Burch Foundation. "The combination of loans, mentoring support, and peer networking expertise opens up new opportunities for women looking to build and grow their businesses."
"Research has shown that women entrepreneurs need better access to capital and more opportunities to build strategic business relationships," said Thomas K. Montag, co-chief operating officer of Bank of America. "The Elizabeth Street Capital initiative will help address these issues and provide loans and mentoring to women ready to take their businesses to the next level."