Bank of America has a longstanding commitment to supporting women through internal programs that support its efforts to be a best place to work and partnerships to advance women’s economic empowerment. The company has developed initiatives that focus on mentoring as a tool for skills building, such as its work with Vital Voices on the Global Ambassadors Program, which pairs senior executives—including Bank of America leaders—with women engaged in business or social enterprises, to its partnership with the Cherie Blair Foundation, which connects women entrepreneurs to online mentoring. In addition, in response to the need for women to access low-cost capital in order to grow their businesses, the company launched Elizabeth Street Capital in partnership with the Tory Burch Foundation to support emerging women entrepreneurs in the U.S.
The resources of Bank of America help business owners succeed by offering convenient interactions and comprehensive banking, credit and cash management solutions. In 2013, Bank of America announced that it extended $10.7 billion in new loans to small businesses—a 24-percent increase over 2012.