LOS ANGELES, CA – December 7, 2022 – New Economics for Women (NEW), a California based nonprofit with a vision to empower generations of women to spark their economic mobility, will scale its programs for underrepresented women- and minority small business owners thanks to a recent funding investment from Bank of America.
Maggie Cervantes, Executive Director of NEW says, “Bank of America has been NEW’s longtime partner, investor, and supporter of our mission in sparking economic mobility for women and supporting affordable housing, education, and entrepreneurship programs. We are grateful for their recent grant which will be used to further enhance our programs.”
The funding comes at a time when local businesses remain optimistic about growth and revenues despite current economic headwinds, but many women and minority entrepreneurs still experience capital funding gaps. According to Bank of America’s recent Women & Minority Business Owner Spotlight, more than a quarter (29%) of women business owners surveyed said they do not think they will ever have equal access to capital, while 40% of Black business owners, 27% of Hispanic-Latino business owners and 22% of AAPI business owners said the same.
“New Economics for Women has served the region’s start-up and small business community for nearly 40 years and Bank of America is proud to continue supporting their impactful programs, from wealth- creation and entrepreneurship resources to their local community business centers,” said Raul A. Anaya, president of Bank of America business banking and Greater Los Angeles president.
About New Economics for Women (NEW)
NEW is a California-based non-profit organization founded in 1985 to support community economic
development. NEW’s mission is to build economic mobility through wealth creation, housing, education, entrepreneurship, and advocacy for economic justice. Our vision is to empower generations of women and their families to thrive. For over 37 years, we have sparked economic mobility in underserved communities throughout the region. We empower women who are the center of the family to build and protect generational wealth. When we champion women, we transform communities. For more information, call (213) 483-2060 or visit https://neweconomicsforwomen.org.