Tory Burch Foundation and Bank of America Double Investment in Capital Program Supporting Women Business Owners

Increased Program Funding and Market Expansion to Georgia, Arizona,
New Mexico and Colorado Will Connect More Women Entrepreneurs to
Affordable Loans

CHARLOTTE, N.C.–(BUSINESS WIRE)–Bank of America today announced that it is doubling its investment in
the Tory Burch Foundation Capital Program (formerly Elizabeth Street
Capital) to connect more women small business owners to affordable
capital through community development financial institutions (CDFIs).
Since the Tory Burch Foundation Capital Program was announced in January
2014, $10 million has been loaned to women entrepreneurs during that
two-year timeframe. The bank will increase program funding to $20
million for loans in 2016 and 2017.

“Women business owners are a critical component of sustainable economic
growth,” said Anne Finucane, vice chairman, Bank of America. “Our
partnership with the Tory Burch Foundation demonstrates the power of
shared success – providing capital that helps women entrepreneurs grow
their businesses, in turn helping local economies thrive.”

The program has also expanded to four additional states with two new
CDFI partners – Georgia (Access to Capital for Entrepreneurs – ACE),
Arizona, Colorado and New Mexico (Accion New Mexico). In addition, CDFIs
participating in the capital program will be able to offer a 2 percent
interest rate reduction on loans for qualifying borrowers.

Tory Burch, founder of the Tory Burch Foundation, said, “Women
entrepreneurs face many obstacles, including access to capital. We are
thrilled by the continued commitment of Bank of America to our mission,
including this extraordinary, additional investment. By investing in
women, we are strengthening families and communities, creating jobs and
helping to power economic growth. We know that when women succeed, we
all succeed.”

Launched in 2014, the Tory Burch Foundation Capital Program is a
partnership between Bank of America and the Tory Burch Foundation that
aims to increase the number and size of businesses owned and led by
women, creating communities of women entrepreneurs. The program connects
women business owners with affordable loans that are administered
through local CDFIs, which provide capital and financial services to
underserved markets and populations, including women entrepreneurs. Bank
of America is the largest investor in CDFIs, with more than $1 billion
in investments to more than 240 CDFI partners across the U.S.

The program has been launched in 17 states, including California,
Florida, Illinois, Kansas, Massachusetts, Missouri, Nevada, New Jersey,
New York, North Carolina, Pennsylvania, South Carolina, Texas, and the
four additional markets announced today (Georgia, New Mexico, Colorado
and Arizona). CDFI partners have disbursed $10 million in affordable
loans to nearly 300 women entrepreneurs in a range of industries,
including hospitality, home improvement, fashion, and child care.

The Tory Burch Foundation Capital Program has enabled business owner and
chocolatier Andréa Pedraza and her daughter, Cindy, to grow their
business, CocoAndré, into the first women-occupied, owner-owned,
Hispanic business in Dallas’ Oak Cliff neighborhood. Administered
through CDFI PeopleFund in Texas, the program has been more than a
source of financial capital for the Pedrazas – it has become a mechanism
through which they can reinvest in their families and their communities,
with Andréa noting: “Our husbands and the people in our neighborhood are
proud of the fact that we are Hispanic women who own a business. We have
seen a lot of support and returning customers – people who have made our
chocolates a part of their holidays and traditions, and who want to see
us succeed.”

“Women entrepreneurs seeking capital are more likely to be turned down
for loans than men, with only one in 23 dollars in loans going to a
woman,” said Laurie Fabiano, president of the Tory Burch
Foundation. “Women need to be connected to sources that they may not
know about. This is why we created the capital program, and we are
thrilled to expand our impact.”

Bank of America’s partnership with the Tory Burch Foundation
demonstrates a shared commitment to advancing women’s economic
empowerment by connecting women entrepreneurs to the capital they need
to succeed. By developing women within the company, creating products
and strategies that meet women’s needs, and supporting women leaders
globally, Bank of America is championing women’s economic advancement
around the world.

For more information, please visit www.bankofamerica.com/toryburchfoundation
or www.ToryBurchFoundation.org.

Tory Burch Foundation
The Tory Burch Foundation empowers women
entrepreneurs by providing access to capital, education programs and
networking. For more information and resources for women entrepreneurs,
visit www.ToryBurchFoundation.org.
Follow the Tory Burch Foundation on Instagram,
Facebook,
LinkedIn
and Twitter
with the hashtag #ToryBurchFoundation.

Bank of America
Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 47 million
consumer and small business relationships with approximately 4,700
retail financial centers, approximately 16,000 ATMs, and award-winning
online banking with approximately 32 million active users and
approximately 19 million mobile users. Bank of America is a global
leader in wealth management, corporate and investment banking and
trading across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through operations in
all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto
Rico and more than 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.

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Contacts

Reporters May Contact:
Noelle Bell, Bank of America, 1.980.388.6791
noelle.bell@bankofamerica.com
Frances
Pennington, SVP Global PR & Brand Communications
fpennington@toryburch.com
or
Kerry-Lynne
Carrera, Tory Burch
kcarrera@toryburch.com