December 28, 2017

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Tory Burch Foundation and Bank of America Connect Women Entrepreneurs to Affordable Loans

Tory Burch Foundation and Bank of America Connect Women Entrepreneurs to Affordable Loans
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With a loan secured through the Tory Burch Foundation Capital Program, Toni Ricci, founder and owner of Elite Dance and Performing Arts Center, was able to expand her studio space, offer more classes and serve hundreds more students.

For Toni Ricci, owner of Elite Dance and Performing Arts Center in Los Angeles, the path to business ownership wasn’t easy. Between limited savings and a low credit score, it was hard for Toni to access capital.

Toni’s story isn’t unique. In the U.S. women entrepreneurs still face challenges to getting a loan. Only 1 in every 23 loan dollars will be given to a woman-owned business. To address this issue, Bank of America and the Tory Burch Foundation formed a partnership to create the Tory Burch Foundation Capital Program, which connects women to affordable loans.

Since its founding in 2014, the program has committed $50 million in affordable loans to U.S. women entrepreneurs. For women like Toni, these loans are crucial to taking their businesses to the next level.

The Tory Burch Foundation Capital Program has positively impacted nearly 1,500 women and currently operates in 16 U.S. states. You can learn more here.

Congratulations Bank of America Corporation!