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CCUL Headlines: CU Highlights

Fashion designer pins Self-Help CU for entrepreneur program

Tuesday, July 22, 2014   (0 Comments)
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Tory Burch, fashion designer and one of Forbes Magazine’s  most notable billionaires in 2013, is seeking to help more women realize their entrepreneurial dreams. And she’s involving a credit union in the plan, said Credit Union Times  in a recent article.

Working through her nonprofit, the Tory Burch Foundation, the designer has teamed up with several financial institutions like Bank of America and Self-Help Credit Union to promote Elizabeth Street Capital. According to the foundation’s website, this initiative is “designed to provide women entrepreneurs in the U.S. with access to affordable loans, mentoring support, and networking opportunities.”

Bank of America provided an initial $10 million in affordable loans to community development financial institutions (CDFIs) in Boston, Charlotte, Las Vegas, New York, Philadelphia, San Francisco, Dallas, and New Jersey, and will expand to additional markets over the next two years, the article stated.

Both the foundation and Bank of America have invested $2 million in operating grants, which will support CDFIs.

And in Durham, N.C., Self-Help Credit Union is also working with the program to administer loans in North Carolina, and in the South Carolina counties of York, Chester and Lancaster, the foundation said.

The Tory Burch Foundation provides micro-loans ranging from $500 to $50,000, to female small business owners in need. To date, more than 200 loans have been administered to women entrepreneurs, according to program officials.

For more on the Tory Burch Foundation, please visit www.toryburchfoundation.org.

Full article originally published in Credit Union Times  here.