Bank of America puts up $20 million for loans to women-owned businesses
Bank of America is doubling its investment in the Tory Burch Foundation Capital Program that includes Philadelphia, providing a total of $20 million in loans for women entrepreneurs for 2016 and 2017.
Bank of America is doubling its investment in the Tory Burch Foundation Capital Program that includes Philadelphia, providing a total of $20 million in loans for women entrepreneurs for 2016 and 2017.
Entrepreneur Works is the community development financial institution administering the funds in Philadelphia. Through that partnership, it will be able to offer a 2 percent interest-rate reduction on loans for qualifying borrowers, according to a statement by Bank of America.
Since the Tory Burch program's inception in 2014, Entrepreneur Works has issued $173,000 in loans to 16 women owning small businesses in Philadelphia.
In all, the program is operating in 17 states and has disbursed $10 million in loans to nearly 300 women in a range of industries, including hospitality, home improvement, fashion and child care.
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