Tory Burch, fashion apparel designer and one of Forbes' most notable billionaires in 2013, is looking to help other women realize their entrepreneurial dreams. And she's involving a credit union in the plan.
Through her nonprofit, the Tory Burch Foundation, Burch has teamed up with several financial institutions to promote Elizabeth Street Capital, an initiative to provide early-stage women entrepreneurs in the United States with access to affordable loans, networking opportunities and mentoring support to encourage and enhance economic growth and development.
For the initiative, Bank of America provided an initial $10 million in affordable loans to community development financial institutions in Boston, Charlotte N.C., Las Vegas, New York, Philadelphia, San Francisco, Dallas and New Jersey, and will expand to additional markets over the next two years.
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