‘First-Of-Its-Kind’ Access-To-Capital Directory For Women Launched By BoA
Access to capital for women entrepreneurs is still a significant obstacle. However, this new capital directory launched by Bank of America (BoA) is hoping to change that.
This week, the Charlotte-based multinational investment bank unveiled the “first-of-its-kind” platform aimed at educating women entrepreneurs on funding opportunities, including equity, debt and grant capital.
This online resource has “more than 350 sources of capital.”
“In our extensive work with women entrepreneurs, we have learned that one of their biggest challenges is identifying sources of funding, particularly amid the pandemic,” said Anne Finucane, vice chairman at Bank of America.
The challenges that women entrepreneurs face, especially when it comes to securing funds to start or grow their businesses, is well documented.
In 2021, BoA conducted its own survey that indicated that 42% of women have never applied for a business loan or line of credit.
According to previous research, almost 60% of women entrepreneurs say they do not have the same access to capital as their male counterparts, and nearly a quarter believe women will never have equal access to capital.
“With new sources of funding being developed, Bank of America continues to make strategic investments in them to ensure greater access to capital for entrepreneurs,” Finucane said.
The directory provides resources and education for learning more about starting and funding your own business, as well as news and features spotlighting successful women entrepreneurs.
The searchable database also allows women seeking capital to sort potential funding by type -- including seed, Series A or late-stage equity, as well as grants and debt capital – depending on their business stage and needs.
“While there is no guarantee that an applicant will receive the funding, their chances are improved when applying for the correct funding for the maturity and size of their business,” BoA said in a statement.