Calvert Foundation and Bank of America Partner to Invest in Women

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Apr 2014
Global, April, 03 2014 - Bank of America's $10 million investment will support the economic and social advancement of women in developing countries.

Bank of America is investing $10 million in Calvert Foundation to make loans to organizations that support women in developing countries throughout Latin America, Asia, Africa and Eastern Europe. These organizations positively affect women in a number of ways, from connecting women-led small-to-medium enterprises (SMEs) with financing, to providing access to services and products.

Supporting women is critical for creating jobs, sparking local revitalization and building a more vibrant economy. It is estimated that less than ten percent of women operating SMEs have access to capital, and access to financing is continually identified by women entrepreneurs as a major constraint to growing their businesses. Additionally, SMEs with full or partial female ownership represent 31-38 percent of formal SMEs in emerging markets. These firms typically employ between 5-250 people, representing a significant share of employment generation and economic growth potential.

Jennifer Pryce, Calvert Foundation President and CEO commented: “We have a strong partnership with Bank of America—they’re not only one of our biggest institutional investors, but this new investment is the largest we’ve received to promote women’s economic empowerment and development. We’re aligned in our goals to empower women around the world, and the nature of the bank’s investment enables us to provide more patient capital, something our portfolio partners need.”

Anne Finucane, Global Strategy and Marketing Officer at Bank of America commented: “Combining our resources with Calvert Foundation’s know-how is a prime example of the role business can play in addressing a significant challenge, in this case a lack of access to capital for women entrepreneurs. These types of partnerships are essential to women’s economic empowerment.”

Calvert Foundation brings its experience investing in women to managing Bank of America’s investment. Calvert Foundation’s Women Investing in Women Initiative (WIN-WIN), launched in 2012, has invested more than $20 million in organizations that empower women in the U.S. and internationally.

The partnership with Calvert Foundation builds on Bank of America’s longstanding commitment to the economic empowerment of women. Through some of our Community Development Financial Institution partners, philanthropy, and business operations, Bank of America is connecting women to the human, social and financial capital needed to succeed, and in the process strengthening local economies around the world.



Source : PRWeb
 

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