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Anne Finucane at Axios: Providing financial capital to fuel ideas

Anne Finucane

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As a global community, we are facingso many challenges and we need to bring innovative ideas to life as fast as possible to address them.

We can connect money and capital to innovative ideas. One way to do it is for a bank, to lend into a CDFI, which is a community development financial institution.

And the way it works is banks lend to the CDFIs at below-market rates. The CDFIs then can lend to the individual or the small business at lower rates than they could get, using their credit card or online lending.

Our work with the Tory Burch Foundation is actually a terrific example of working with CDFIs and deploying capital to small businesses, but particularly women.

As she provides mentorship we provide capital, to get money into the system more quickly for women starting businesses so that they can get a jump on the economy and help local communities. Bank of America's commitment to CDFIs, and the billion dollars that we have put into more than 250 CDFIs, has allowed us to deploy capital into a community and for small businesses at a much earlier stage and make a huge difference in local economies.

As a global community, we are facing major challenges that require innovative solutions. Financial institutions can help meet them. We connect money and capital to innovative ideas wherever they are needed most. This is the foundation for growing a responsible, sustainable economy.

6/22/2017

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