Thanks to my good friend, Jamar Caldwell, owner of Bleusol Photography, I learned about this great opportunity this morning.
Many of my friends and colleagues are women entrepreneurs with 2 and 3 year old businesses. Most of them do not have an extra stash of cash to sow into their young and developing businesses and rely on their household income to stay in business. Profitability is often scarce, if not completely unachieved at this point. To live their passions, they are stuck trying to build with very little or no capital at all…until now.
Tory Burch, the famous designer, has joined her foundation, A Tory Burch Foundation, with Bank of America to launch her initiative, Elizabeth Street Capital.
• Designed to provide early-stage women entrepreneurs in the United States with access to low-cost capital, mentoring support and networking opportunities to grow their businesses, creating communities of women entrepreneurs.
• Launching with an investment of $10 million in capital from Bank of America and funding for operating expenses. The program will initially support women entrepreneurs in Boston, Charlotte, Las Vegas, New York, Philadelphia and San Francisco, but will expand to additional markets over the next two years.
Elizabeth Street refers to the New York City location of Tory Burch’s first boutique, the launching pad for a business that has grown into a global brand with nearly 120 stores and a presence in more than 50 countries around the world. The name speaks to the hard work and passion that drive successful entrepreneurial ventures and to the enormous potential of women-owned small businesses.