Announcing Bank of America’s Access to Capital Directory for Women Entrepreneurs
CHARLOTTE, North Carolina, October 5, 2021 /PRNewswire/ — Today, in honor of National Women’s Small Business Month, Bank of America, in partnership with Seneca Women, announced the launch of 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 on navigating the capital landscape and identifying potential sources of funding, such as equity, debt, and grants.
The challenges women entrepreneurs face, especially when it comes to obtaining funds to start or grow their business, are considerable. Bank of America Spotlight on Women Business Owners 2021 indicates that 42% of women have never applied for a business loan or line of credit. According to previous to research, nearly 60% of female entrepreneurs say they don’t have the same access to capital as their male counterparts, and nearly a quarter believe that women will never have equal access to capital.
“In our extensive work with women entrepreneurs, we’ve learned that one of their biggest challenges is identifying sources of funding, especially in the midst of the pandemic,” said Anne Finucane, Vice Chairman of Bank of America. “With new sources of financing being developed, Bank of America continues to make strategic investments there to ensure greater access to capital for entrepreneurs. This new online resource has more than 350 sources of capital, can continue to grow and is the only place to find this essential, aggregated content.”
“Female entrepreneurship is crucial to the growth of our economy and access to capital is one of the key 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 closing this gap for women entrepreneurs across the United States”
Bank of America’s Access to Capital Directory provides resources and education to learn more about starting and financing your own business, as well as news and articles highlighting successful women entrepreneurs. The 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 loan capital – depending on the stage and needs of their business. Although there is no guarantee that an applicant will receive funding, their chances are improved when they apply for the appropriate funding for the maturity and size of their business.
The directory provides general 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 funding sources are identified.
Investing 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 opportunities for 50,000 women entrepreneurs to participate in the Bank of America Institute for Women’s Entrepreneurship at Cornell, the only online Ivy League certificate program for women entrepreneurs worldwide. Over 20,000 women are currently enrolled, 86% of whom identify as women of color, representing nearly 100 countries, including the United States
We are also committed $100 million in capital since 2014 to the Tory Burch and Bank of America Capital program, helping nearly 4,000 women business owners access affordable loans, totaling more than $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 engaged more than $300 million to 100 minority-focused investment funds across the United States. These funds provide capital to entrepreneurs who are Black, Hispanic-Latino, Asian, Native American, other underrepresented minorities, and women to help them start and grow their businesses.
Bank of America
At Bank of America (NYSE: BAC), we’re guided by a common goal to help make life better financially, 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 embedded in our eight business lines and reflects how we help fuel the global economy, build trust and credibility, and represent a company people want to work for, invest in and do business with. Business. It shows in the inclusive and supportive workplace we create for our employees, the responsible products and services we provide to our customers, and the impact we have in the world to help 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 for greater impact. important. Learn more about about.bankofamerica.com, and join us on Twitter (@BofA_News).
Journalists can contact:
Eliza Murphy, Bank of America
SOURCE Bank of America Corporation