Women entrepreneurs are taking the world by storm!
Reports show that:
- The number of women-owned firms increased by 54% between 1997 and 2012 - that's a rate 1 1/2 times the national average (Source: The New York Times (January 2013))
- 65% of business owners are women (Source: National Entrepreneurial Attitudes Study (2013))
- Women will control two-thirds of the consumer wealth in the U.S. over the next decade and be the beneficiaries of the largest transference of wealth in our country's history. (Source: Mediapost (2013))
- Women control over $20 Trillion in world-wide spending. (Source: Muhtar Kent, Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, October 2010)
I was then glad to hear that billionaire fashion designer Tory Burch, through the Tory Burch Foundation, has partnered with Bank of America to accomplish the mission of Elizabeth Street Capital.
This is a program that offers novice female entrepreneurs in the United States an opportunity to gain access to funding, mentorship, and professional networking opportunities.
Bank of America and the Tory Burch Foundation supplied $10 million in affordable loans to Community Development Financial Institutions in Boston; Charlotte, N.C.; Dallas; Las Vegas, New Jersey; New York; Philadelphia; and San Francisco. The money will go toward assisting women who are in the early stages of starting a business.
If you don’t live within one of the above markets, don’t lose heart. Elizabeth Street Capital has plans to branch out to additional markets over the next two years!
Have questions and want to apply? Go to here for more information.
I really believe Tory Burch is an example of what happens in business and in our communities when there is a successful woman who chooses to use her power and influence to make an impact and give back. Bravo!
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