The Tory Burch Foundation Capital Program received $20 million in additional funding from Bank of America, benefitting female entrepreneurs seeking affordable loans from community development financial institutions (CDFIs). Tory Burch Foundation’s capital program is available in 16 U.S. states, and furthers the foundation’s goal by empowering more women in businesses 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 the founder of the Tory Burch Foundation, Tory Burch. “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 bank’s increased commitment of capital.”
This additional funding pushes the total capital commitment to $50 million, with the program already funding 1,400 female entrepreneurs, bettering their businesses, building entrepreneurial communities, and advancing economic growth across the country. Beyond the Tory Burch Foundation, Bank of America remains the largest investor into CFDIs, with over 260 CDFI programs funded with greater than $1.5 billion nationwide.
Eligible companies must have a female entrepreneur operating a sustainable business, must be active for at least two years and generating revenue, and hold a satisfactory credit rating.
In the past year the Tory Burch 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 Foundation’s global initiative, #EmbraceAmbition launched in March 2017. Follow the Tory Burch Foundation on Instagram, Facebook, LinkedIn and Twitter with the hashtag #EmbraceAmbition.