Tory Burch schools Bank of America on small business
J Thoendell stashed this in Business
While the fashion designer was fortunate enough to raise enough funds to open up her first shop, she knows countless female entrepreneurs just starting out don’t have the same opportunity.
That’s why the purveyor of the $200 ballet flat shoes partnered with Bank of America in January to provide women entrepreneurs in the U.S. with access to affordable loans, mentoring support and networking opportunities. Now their program is expanding across the country. Through Elizabeth Street Capital, a program that lives within Burch’s foundation, Bank of America is working with Community Development Financial Institutions (CDFIs) to make affordable loans available to female entrepreneurs living in states like California, Texas and New Jersey. The financial giant has made an initial $10 million commitment to the program, but has every intention to add more money in the future, said Anne Finucane, the bank’s global chief strategy and marketing officer.