- Robyn Turk
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Bank of America is honoring International Women’s Day through
expanding its impact with the Tory Burch Foundation. The bank had
first partnered with the foundation in 2014 and is now committing
another 100 million dollars to the organization.
The Tory Burch Foundation, which was founded in 2009 works to
increase the amount of businesses own and led by women, as well as
helping such businesses grow.
Amongst other benefits, the foundation provides support in gaining
access to capital through the Bank of America. The new funding will
allow the charity to extend affordable business loans to women
entrepreneurs.
“We know women pay back loans at higher rates than men, but because
of cultural bias, they are denied critical capital to grow their
businesses,” Tory Burch said to WWD.
She explained that with Bank of America’s contribution to the Tory
Burch foundation, the program has allowed the parties “to reach women
business owners at scale” and adds that they are “we’re looking
forward to doubling that investment.”
