Bank of America Offers Database for Female Entrepreneurs to Unlock Capital
(Bloomberg) -- Bank of America Corp. compiled a pool of resources to help women business owners access financing they might not otherwise receive or know about.
A new searchable database allows women to learn about the process from early to late-stage fundraising and connects them with more than 350 sources of capital, Bank of America said Tuesday in a statement.
“Women don’t think they have the same access, and in fact they often don’t have the same access to capital that men do,” Vice Chairman Anne Finucane said in an interview. The platform, “levels the playing field,” she said.
Bank of America found that 42% of women owners have never applied for a business loan or line of credit. “They are seeking access to capital at various stages in their business journey, and often uncertain how to enter the marketplace and connect with venture firms,” said Finucane.
“If I were starting a small business I know I would feel more confident if I knew what resources existed, what credentials they expect to see and who I could turn to,” she said.
While there is no guarantee that an applicant would receive funding through the new directory, her chances improve when they apply for the correct funding based on the maturity and size of their business, the bank said.
The platform expands on the bank’s earlier initiatives to support women in business. Last year, Bank of America invited 50,000 women entrepreneurs to participate in an online Ivy League certificate program for female business owners at Cornell University. More than 20,000 women from 100 countries enrolled, according to the company.
The bank also committed committed $100 million to the Tory Burch and Bank of America Capital Program since 2014, which helps nearly 4,000 women business owners gain access to loans.
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