NEW YORK, June 15 (Reuters) - Bank of America Corp (BAC.N) on Thursday said it has committed more than $500 million in equity investments to funds led by minority and women entrepreneurs, more than doubling from its initial commitment of $200 million.
The bank has committed equity to more than 150 funds, which to date have invested in over 1,000 companies that span 40 states, it said.
These companies are led by 1,500 diverse entrepreneurs and employ over 21,000 people.
"As a company, we looked at how to support women and diverse entrepreneurs," Tram Nguyen, global head of Strategic and Sustainable Investments at Bank of America, told Reuters.
"Capital to under-resourced entrepreneurs has the effect of unlocking their potential to grow their businesses locally and to create economic opportunity," Nguyen said.
Typically these fund managers have the experience of having founded businesses before or experience investing as part of a larger fund. Now they're taking that experience and going off to start their own fund, she said.
"As a company, we looked at how to support women and diverse entrepreneurs," Tram Nguyen, global head of Strategic and Sustainable Investments at Bank of America, told Reuters.
"Capital to under-resourced entrepreneurs has the effect of unlocking their potential to grow their businesses locally and to create economic opportunity," Nguyen said.
Typically these fund managers have the experience of having founded businesses before or experience investing as part of a larger fund. Now they're taking that experience and going off to start their own fund, she said.
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