Press Release - Tory Burch Foundation and Bank of America Partner to Support Women Entrepreneurs with Capital and Mentoring
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The Tory Burch Foundation and Bank of America Partner to Support Women Entrepreneurs with Capital and Mentoring Opportunities. Program Launches with Initial $10 Million Investment to Grow Women-Owned Small Businesses and Create Communities of Entrepreneurs Across the Country
The Tory Burch Foundation (TBF) and Bank of America have announced the launch of the Tory Burch Foundation Capital Program, an initiative aimed at providing early-stage women entrepreneurs in the United States access to low-cost capital, mentoring support, and networking opportunities to help them grow their businesses and build communities of women entrepreneurs.
The program will launch with a $10 million investment in low-cost capital from Bank of America, along with additional operating expense funds provided by TBF and Bank of America. The initial launch will support women entrepreneurs in Boston, Charlotte, Las Vegas, New York, Philadelphia, and San Francisco and will expand to more markets over the next two years.
This unique partnership combines TBF's network of early-stage women entrepreneurs with one of the world's largest financial institutions. The loans will be administered through nonprofit entrepreneurial loan centers (also known as Community Development Financial Institutions or CDFIs) that support low- and moderate-income communities. In the initial markets, participating partners include Accion East (Boston and New York), Self-Help (Charlotte), and the Nevada Microenterprise Initiative, in partnership with VEDC (Las Vegas), Entrepreneur Works (Philadelphia), and Opportunity Fund (San Francisco). Bank of America is the largest supporter of CDFIs among major financial institutions.
Tory Burch, founder of TBF, stated, "When we started our foundation, we understood that women entrepreneurs need access to capital and business networks. By partnering with Bank of America, we are thrilled to be providing help to women across the United States. The combination of loans, mentoring support, and peer networking expertise opens up new opportunities for women looking to build and grow their businesses."
Thomas K. Montag, Co-Chief Operating Officer of Bank of America, said: "Bank of America and the Tory Burch Foundation recognize a huge opportunity to support women-owned businesses. Research has shown that women entrepreneurs need better access to capital and more opportunities to build strategic business relationships. The program will help address these issues and provide loans and mentoring to women ready to take their businesses to the next level."
Andrew Plepler, Global Head of Environment, Social and Governance, Bank of America, said: "Tory and team recognize that supporting women-owned businesses, both financially and by sharing expertise, can have a dramatic impact on the local economies, paving the way for future generations. This program has the potential to be a real catalyst for advancing women's economic empowerment."
The program will launch this evening with a TBF signature event at the Bank of America Tower in New York City.
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Press Release - DreamKey Partners Celebrates Groundbreaking for 18 Townhomes in Grier Heights
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Today, DreamKey Partners hosted a groundbreaking event for Aveline at Orange Street, a new affordable for-sale townhome development. The townhomes will create affordable options for first-time homebuyers and reduce gentrification in the Grier Heights neighborhood.
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"As house prices continue to rise in Charlotte, we are finding ways to create affordable solutions for homebuyers," said Julie Porter, president of DreamKey Partners. "It takes many resources like funding and partnerships to address a very complex societal problem and our Aveline at Orange Street homes will help preserve homeownership opportunities for families for years to come."
With expected completion in summer 2024, Aveline at Orange Street will be 1,550 square feet with three bedrooms, two and a half bathrooms and a two-car garage, starting at $284,000. Target homebuyers have a household income of up to 80% of the area's median income. Additionally, qualified homebuyers can get up to $80,000 in down payment assistance toward the purchase price and can begin their homebuying journey by registering for the Financial Empowerment Education course provided by DreamKey Partners.
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Flagship Healthcare Properties, LLC's land donation and financing from the City of Charlotte Housing Trust Fund and Housing Partnership Network New Market Tax Credits provide funding for the development. Watts Leaf Architects, PA, designed the homes, Timmons Group is the civil engineer, and JCB Urban Company is the builder of the townhome community.
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"The Grier Heights neighborhood was founded on the rich legacy of self-sufficiency, family, education, and entrepreneurship, and we want today's buyers to know they will begin their homeownership journey in a community that continues to uphold these values," said Dr. Stacey Price Brown, President of Grier Heights Community Improvement Organization. "Our collaboration with DreamKey Partners is to build homes and to ensure that qualified buyers will receive the resources needed for sustainable homeownership."
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DreamKey Partners is a full-service real estate development organization that seeks public and private financing for land development, acquisition, design, entitlement, and construction. DreamKey has completed $392 million in real estate investments and provided financial education and counseling to more than 40,000 people and $40 million in down payment assistance.
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To learn more about DreamKey Partners, Aveline properties and homeownership programs, visit dreamkeypartners.org and follow us @DreamKeyOrg.
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Article - A Tale of Two Cities, Tackling the Affordable Housing Crisis
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This month, more than 120 leaders from the Charlotte region traveled to Austin, Texas, to explore the city’s economy and learn from each other and their business, civic, and political counterparts. The annual trip, hosted by Charlotte Regional Business Alliance, provides area leaders with an immersive experience focused on a number of topics, including advocacy and innovation, mobility and infrastructure, and affordability and housing.
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DreamKey Partners president, Julie Porter, was among the group and had the honor of moderating a breakout panel discussion on Building Better Futures: Affordability. The session featured three speakers: Eric Goff, owner of Eric Winters Goff LLC, an infrastructure consulting firm; Nefertitti Jackmon, community displacement prevention officer with the City of Austin; and Terry Mitchell, president of Momark Development, a for-profit residential and mixed-use developer.
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During the hour-long discussion, Julie asked questions about Austin's exponential growth over the years and its impact on the city’s affordability, including business and talent attraction and retention. Just as Charlotte has experienced significant growth in recent years, Austin is growing at a pace that has required the city to adjust its zoning strategies and step up efforts to build affordable housing through a local housing bond.
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Terry Mitchell shared that the only way to increase affordability and housing inventory is to build up and go smaller. Vertical developments require less land, which is scarce in both Austin and Charlotte, and is made possible by appropriate zoning measures. Additionally, he suggested that smaller units are increasingly attractive to individuals and families who can’t afford Austin’s quickly escalating housing prices. He noted that many homebuyers are looking for 1,000-square-foot properties, which encourages density and helps with affordability.
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Transportation in Austin continues to be a challenge, something Charlotte is also facing. Expanding light rail lines was a common theme and directly correlates with accessibility and affordability. As part of Austin’s transportation bond to expand light rail options, the city set aside $300 million for displacement prevention activities, including buying land for affordable housing.
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To learn more about DreamKey Partners, visit dreamkeypartners.org and follow us @DreamKeyOrg.
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