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This Bank Has $20 Million Available For Woman-Owned Business Loans

Small businesses owned by women are often unable to get business loans from traditional financial sources like banks. One bank, however, not only recognizes this struggle but has also created a pot of $20 million just for women business owners.

The pot grows

In 2010, Bank of America created a similar pot of $10 million, and it was so successful in lending to women-owned businesses that they doubled the amount. According to Bank of America Small Business Manager Julia Cooper, “This program is designed to help a woman-owned business grow and succeed.” The program not only provides loans at 2 percent under market rates but also technical assistance.

How the money gets distributed

The program uses Accion, a community development financial institution, as the program administrator to get the money into the hands of women business owners. The program was designed by The Tory Burch Foundation, a non-profit created in 2009 to support the economic empowerment of women entrepreneurs and their families in the U.S. with access to affordable loans.

Micro and small business loans are available to women-owned businesses throughout the Accion service area, which includes Colorado, New Mexico and Arizona. The purpose of the program is to help women-owned businesses grow and succeed, which in turn also encourages more jobs and economic growth. Or, as Bank of America states it, "Life's Better When We're Connected."