- Robyn Turk |
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.”