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New foundation tackling joblessness in the USA through microfinancing and mentoring for women entrepreneurs

Tory Burch understands the power of small business: having grown from a 2-person-show to a to a company of almost 700 people, in seven years ago, she believes that small businesses are the backbone of the economy. They create 75 percent of new jobs and Burch believes small business is the solution to the 22 million people currently unemployed in the U.S.

With a desire to support the small business community so that they can create more jobs, she launched the Tory Burch Foundation with the goal of economically empowering women. Partnering with Accion USA, the microlending partner, the foundation is providing women with the financial support they need to start and grow businesses through microfinance. The average loan is $8,000 and creates or saves 2.4 jobs.

Recognising that advice is just as important as capital, the Tory Burch Foundation has also launched a mentoring initiative that pairs up entrepreneurs, speed dating style, matching more than 100 new small business owners with nine mentors, people who are successes in their fields, like Jimmy Choo’s Tamara Mellon, Tracey Kemble of the Marcus Samuelsson Group and American Express’ Jessica Igoe. Read about the matches and advice from mentors here.

The results are already outstanding with women entrepreneurs in the USA gaining the confidence they need to turn their business ideas into outcomes.

Which leaves me wondering if this is something that could take off in Australia too?
 

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