Announcement of Bank of America’s Access to Capital Directory for Women Entrepreneurs
CHARLOTTE, North Carolina, October 5, 2021 / PRNewswire / – Today during National Women’s Small Business Month, Bank of America, in partnership with Senec women, announced the launch of the Bank of America Capital Access Directory. This one-of-a-kind platform is a resource to help educate women-owned businesses in the United States to navigate the capital landscape and identify potential sources of funding, such as equity, debt and the subsidies.
The challenges that women entrepreneurs face, especially when it comes to securing funds to start or grow their businesses, are considerable. Bank of America’s Spotlight 2021 Women Business Owner Spotlight shows that 42% of women have never applied for a business loan or line of credit. According to previous research, nearly 60% of female entrepreneurs say they do not have the same access to capital as their male counterparts, and almost a quarter believe that women will never have equal access to capital.
“In our extensive work with women entrepreneurs, we have learned that one of their biggest challenges is identifying sources of funding, especially in the midst of the pandemic,” said Anne Finucane, vice president of Bank of America. “With new sources of financing being developed, Bank of America continues to make strategic investments there to ensure better access to capital for entrepreneurs. This new online resource has over 350 sources of capital, can continue to grow, and is the only place to find this vital and aggregated content. “
“Female entrepreneurship is essential for the growth of our economy and access to capital is one of the main challenges that women continue to face,” said Serena williams, founder of Serena Ventures. “Bank of America has become a leader in providing growth capital to women and minority founders, and we are proud to partner with them and their support of Serena Ventures. Today, they are leading the way with a digital destination that will provide education, information and access to financing options, further contributing to the goal of bridging this gap for women entrepreneurs across the United States. “
The Bank of America Access to Capital Directory provides resources and training to learn more about starting and financing your own business, as well as news and features highlighting successful women entrepreneurs. Comprehensive, searchable database allows women looking for capital to sort potential funding by type – including seed, Series A or late stage capital, as well as grants and debt capital – according to their stage of activity and their needs. While there is no guarantee that an applicant will receive the funding, their chances are improved when they apply for the appropriate funding for the maturity and size of their business.
The directory provides resources for small business owners from all walks of life and builds on the bank’s support for minority-owned small businesses that face similar challenges when seeking capital. The platform will continue to evolve over time as new sources of funding are identified.
Invest in women
At Bank of America, our ongoing work to invest in women means supporting women business owners and putting into practice the belief that women entrepreneurs are fundamental to driving strong, healthy economies.
In 2020, we expanded the opportunities for 50,000 women entrepreneurs to participate in the Bank of America Institute for Women’s Entrepreneurship in Cornell, the only one online Ivy league certificate program for women business owners around the world. Over 20,000 women are currently registered, 86% of whom identify as women of color, representing nearly 100 countries including the United States.
We are also committed $ 100 million capital since 2014 at the Tory Burch and Bank of America Capital Program, helping nearly 4,000 women business owners access affordable loans, for a total of over $ 65 million to date through the CDFIs, to help them develop their activities.
As part of our $ 1.25 billion commitment to advancing racial equality and economic opportunity, Bank of America has committed more than $ 300 million to 100 minority-focused investment funds across the United States. These funds provide capital to black, Hispanic-Latino, Asian, Native American, other under-represented minorities and women entrepreneurs to help them establish and grow their businesses.
Bank of America
At Bank of America (NYSE: BAC), we’re guided by a common goal of helping improve financial lives, through the power of every connection. We achieve this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is rooted in our eight business lines and reflects how we help power the global economy, build trust and credibility, and represent a company people want to work, invest and do business for. . This is reflected in the inclusive and supportive workplace we create for our employees, the responsible products and services we deliver to our customers, and the impact we have around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. important. Learn more at about.bankofamerica.com and connect with us on Twitter (@BofA_News).
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SOURCE Bank of America Corporation