Boston, MA 01\/29\/2014 (wallstreetpr) –\u00a0Bank of America Corp (NYSE:BAC) engages in several Corporate Responsibility activities. Most of them are to show to the public their concern for the American way of life, however, some of them may end up as good business tactics.<\/p>\n
Tory Burch Story:<\/b><\/p>\n
We focus on Bank of America Corp (NYSE:BAC)\u2019s CSR activity along with woman entrepreneur Tory Burch. She started off in 2004 with just a target to open three stores in the next five years. However, her double T logo has made it as a fashion statement and now runs 117 boutiques. Her products and designs are now sold in over 1,000 stores and in more than 50 countries. She owes part of her success to the business loans and professional advice. Understanding that some other entrepreneurs, particularly women, may not have access to such support and advice, she has started the Tony Burch Foundation and offers loans, mentoring and education to women entrepreneurs. As part of its CSR activities, BAC has contributed initially $10 million for such small business loans and they are partnering with her foundation and targeting six cities initially.<\/p>\n
Lessons For The Developing Countries:<\/b><\/p>\n
This is a very important experience for Bank of America Corp (NYSE:BAC). Though it is not focusing on the emerging economies and the developing nations, micro-loans play a very important role in these areas. BAC can use the experience gained here to extend such facilities elsewhere. Micro-loans and particularly those given and serviced at the local levels have zero defaults. Managing small value loans may be a headache but the bank can partner with several organizations who can take the responsibilities of managing the show, just in the way Tory Burch Foundation will be doing. Such customers tend to be loyal as they tend to link their success with the initial seed capital provided by the bank.<\/p>\n
In fact, Bank of America Corp (NYSE:BAC) also has the first-mover advantage in this segment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 01\/29\/2014 (wallstreetpr) –\u00a0Bank of America Corp (NYSE:BAC) engages in several Corporate Responsibility activities. Most of them are to show to the public their […]<\/p>\n","protected":false},"author":10,"featured_media":13948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[1942],"tags":[1654,1010],"stock_ticker":[],"class_list":["post-13947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bank-of-america-corp-nysebac","tag-nysebac","entry"],"acf":[],"yoast_head":"\n