Tory Burch Foundation and Bank of America Host Elizabeth Street Capital Event in Dallas for Women Entrepreneurs
Event is Part of Initiative Designed to Provide Access to Affordable Loans, Mentoring Support and Networking Opportunities
Dallas, Texas —Tory Burch Foundation (TBF) and Bank of America hosted an Elizabeth Street Capital event on October 9th at PeopleFund’s Dallas location. Elizabeth Street Capital is a Tory Burch Foundation and Bank of America initiative designed to provide women entrepreneurs in the United States with access to affordable loans, mentoring support and networking opportunities to help grow their businesses.
During the event, women entrepreneurs from Dallas will have the unique opportunity to gain in-person, mentoring support from local entrepreneurial experts and key leaders from the Tory Burch Foundation and Bank of America, including Tory Burch herself, and Andrew Plepler, Bank of America’s Global Corporate Social Responsibility Executive and Consumer Policy Executive.
Tory Burch Foundation President Bari Mattes said: “Women entrepreneurs need and deserve equal opportunities to access capital so they can build sustainable businesses, which will help them support their families and strengthen their communities by creating jobs. Our goal is to increase awareness about affordable loans available to women entrepreneurs.”
Elizabeth Street Capital 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. The affordable loans are administered through local Community Development Financial Institutions (CDFIs) that support underserved communities including women. PeopleFund is the CDFI partner in Dallas.
Through the Elizabeth Street Capital initiative, local CDFIs will engage with women entrepreneurs in Boston, Charlotte, Las Vegas, New York, Philadelphia, San Francisco, Dallas and New Jersey to provide affordable loans and technical assistance to help grow their businesses. Additional markets will be added over the next two years.
Elizabeth Street refers to the location of Tory Burch’s first boutique, the launching pad for a business that has grown into a global brand with more than 125 freestanding stores and a presence in more than 50 countries around the world. The name speaks to the hard work and passion that drive successful entrepreneurial ventures and to the enormous potential of women-owned small businesses.
Bank of America is the largest investor in CDFIs among major financial institutions, with more than 240 community lender partners across all 50 states, the District of Columbia and Puerto Rico that provide affordable loans, liquidity and technical assistance to help promote economic development in low-and moderate-income communities.
Peoplefund is a registered 501(c)3 nonprofit organization established in 1994. It is a U.S. Treasury certified Community Development Financial Institution (CDFI) and SBA certified lender. PeopleFund provides business loans up to $250,000 to Texas businesses that do not qualify for bank loans. It also provides client business assistance and education. The target market is minority, women, and veteran business owners and those residing in low to moderate income communities. 89% of PeopleFund loans are made within the target market and 51% of loans are to startup businesses with fewer than two years in business, as well as to nonprofit and community organizations with high social impact. Through access to capital and educational opportunities, PeopleFund creates economic opportunity and financial stability for underserved people to build healthy small businesses.
About the Tory Burch Foundation
The Tory Burch Foundation launched in 2009 to support the economic empowerment of women entrepreneurs and their families. The foundation provides entrepreneurial loans, mentorship and entrepreneurial education, enabling women to start and grow their own businesses. For more information, visit www.toryburchfoundation.org.
About Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small businesses, middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 49 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active users and more than 15 million mobile users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. – See more at: http://newsroom.bankofamerica.com/press-releases/corporate-and-financial-news/bank-america-participate-sanford-c-bernstein-30th-annual#sthash.AZNaygEC.dpuf
Tory Burch Foundation
Bank of America
Noelle Bell, Corporate Communications, Bank of America
Email: [email protected]