Haute 100 NY Update: Tory Burch’s Elizabeth Street Capital Receives $10 Million Investment from Bank of America

Tory Burch has been helping women entrepreneurs thrive in the corporate world by providing loans, mentoring and above all, education, through her namesake foundation. Since The Tory Burch Foundation was launched in 2009, it has doled out 220 loans to aspiring businesswomen, but it seems Burch has much bigger plans on the horizon!

The 47-year-old fashion guru and Andrew Plepler, a corporate responsibility executive for Bank of America, recently revealed a new project in the works called Elizabeth Street Capital, which will help even more women get loans. Bank of America announced that it will invest $10 million towards the philanthropic project that is named after the Manhattan street where Burch’s first store is located.

“There were so many doubters and raised eyebrows and really it was about confidence,” Burch told CBS. “I think if we can really instill that in women, and have them believe in themselves, that’s a really great step.”