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BofA Pledges $50 Million More to Tory Burch's Program for Women

  • Bank doubles its capital commitment from five years ago
  • ‘Women are a great investment,’ the fashion designer says
Tory Burch
Tory BurchSource: Tory Burch Foundation

Bank of America Corp. pledged an additional $50 million for women-owned businesses backed by fashion designer Tory Burch’s foundation, doubling its commitment from five years ago.

The bank plans to fund community development financial institutions, or CDFIs, that can lend to female entrepreneurs who might not qualify for traditional credit, said Andrew Plepler, global head of environmental, social and governance initiatives. In the past five years, more than 2,500 women have received $46 million in small-business loans from participating CDFIs, he said. Those loans were for an average of $16,000 over three to five years, at typical interest rates of about 8 percent to 10 percent.