CHARLOTTE, March 2, 2022
/PRNewswire/ -- Today, in recognition of Women's History
Month, Bank of America announced a further expansion of the Bank of
America Institute for Women's Entrepreneurship at Cornell. Due to the program's success, Bank of
America will add 50,000 seats – bringing the total enrollment of
small business owners to 100,000 – enabling women entrepreneurs,
specifically women entrepreneurs of color, to gain critical
business acumen to drive their businesses forward. This expansion
is just one way the company is delivering on its commitment to
advance racial equality and economic opportunity.
Since its launch in 2018, the Bank of America Institute for
Women's Entrepreneurship at Cornell has
enrolled 50,000 individuals from the U.S. and 120 additional
countries, primarily women, of whom 90% identify as women of color.
Registration is open to anyone worldwide, regardless of gender,
educational background or business stage, and is the only
Ivy League program offering a
certificate in women's entrepreneurship, at no cost.
According to Bank of America Private Bank research, women in the
U.S. are starting and growing their own businesses at record rates;
they own an estimated 13 million businesses, or four out of every
ten; employ over 9 million people; generate $1.9 trillion in annual revenues, nearly five
times the national average; and are a catalyst for change.
"We know women entrepreneurs lack the access to resources they
need to manage and scale a successful business – a need that is
even more acute for women of color," said Sheri Bronstein, chief human resources officer
at Bank of America. "We continue to receive feedback from
participants about how the skills they've gained are propelling
them forward – benefiting them, their families, their businesses
and employees and their communities – and we're thrilled to expand
the program further to reach more women small business owners."
"Aspiring entrepreneurs who participate in the Bank of America
Institute for Women's Entrepreneurship at Cornell are getting the best of both worlds:
learning from Cornell faculty about the
concepts and tools for success in their new ventures, and
encouragement from a growing startup community that is inclusive
and supportive," said Martha E.
Pollack, president of Cornell
University.
The instructor-led classes and limited class size provide women
the opportunity to learn new skills while connecting with a vibrant
network of entrepreneurs and social innovators. Through coursework
that draws on curricula from across Cornell's schools, these lessons include Creating
Your Venture; Laying the Legal Building Blocks; Assessing and
Obtaining Financial Resources; Growth Leadership for Women
Entrepreneurs; Product Development and Digital Marketing; and
Communication, Negotiation and Persuasiveness.
Bank of America's long-standing partnerships with the Tory Burch
Foundation, Vital Voices, the Cherie Blair Foundation, Kiva and
Cornell University have helped 75,000
women from more than 140 countries grow their businesses. As part
of its journey to provide assistance to women entrepreneurs, the
company recently launched The Bank of America Access to Capital
Directory, which provides women-owned businesses with a significant
resource to help them understand the capital landscape. In 2021,
the bank increased its target for equity investment in
minority-focused funds to $350
million, including capital to under-represented minority and
women entrepreneurs.
Bank of America
At Bank of America, we're guided by a
common purpose to help make financial lives better, through the
power of every connection. We're delivering on this through
responsible growth with a focus on our environmental, social and
governance (ESG) leadership. ESG is embedded across our eight lines
of business and reflects how we help fuel the global economy, build
trust and credibility, and represent a company that people want to
work for, invest in and do business with. It's demonstrated in the
inclusive and supportive workplace we create for our employees, the
responsible products and services we offer our clients, and the
impact we make around the world in helping local economies thrive.
An important part of this work is forming strong partnerships with
nonprofits and advocacy groups, such as community, consumer and
environmental organizations, to bring together our collective
networks and expertise to achieve greater impact. Learn more at
about.bankofamerica.com, and connect with us on Twitter
(@BofA_News).
For more Bank of America news (NYSE: BAC), including dividend
announcements and other important information, visit the Bank of
America newsroom and register for news email alerts.
Reporters may contact:
Eliza
Murphy, Bank of America
Phone: 1.347.603.6845
eliza.murphy@bofa.com
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SOURCE Bank of America Corporation
