Bank of America (BofA) has partnered with Tory Burch Foundation (TBF) to launch Elizabeth Street Capital, a new initiative to provide low-cost capital, mentoring support and networking opportunities to early-stage women entrepreneurs in the US.
Under the initiative, BofA will provide $10m in low-cost capital, while additional funds for operating the businesses will be shared by both TBF and BofA.
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The Elizabeth Street Capital will initially support women entrepreneurs in Boston, Charlotte, Las Vegas, New York, Philadelphia, and San Francisco, with plans to expand to additional markets in the next two years.
TBF founder, Tory Burch, said when they started their foundation, they understood that women entrepreneurs need access to capital as well as access to business networks.
"The combination of loans, mentoring support and peer networking expertise opens up new opportunities for women looking to build and grow their businesses," Burch added.
BofA corporate social responsibility executive, Andrew Plepler, said Tory and team recognise that supporting women-owned businesses, both financially and by sharing expertise, can have a dramatic impact on the local economies, paving the way for future generations.
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By GlobalData"This program has the potential to be a real catalyst for advancing women’s economic empowerment," Plepler added.
