First Women's Bank Announces New Mission Partners in Efforts to Bridge the Gender Lending Gap

Strategic Insights -

Chicago-based First Women's Bank, the only women-founded, women-owned, and women-led commercial bank in the country, has announced the addition of five new Mission Partners in its efforts to expand economic opportunities for women and close the gender lending gap. The new Mission Partners include Airbnb, BCG, Principal Financial Group, Salesforce, and Envestnet, joining existing partners such as Aon, Comcast Corp., Microsoft, United Airlines, and others. As part of its mission to grow the economy and elevate the role of women within it, First Women's Bank will work with its Mission Partners to provide accessible financing for small businesses, focusing on the women's economy. "Closing the gender lending gap is a critical step toward achieving gender equality, and First Women's Bank is the bank to do it," said Marianne Markowitz, president and CEO, First Women's Bank. Strategic Advisors Sophia Bush and Nia Batts will also support the bank's efforts to bridge the gap. The support of FWB's Mission Partners will help to expand economic opportunity for all small businesses with a strategic focus on the women's economy. By partnering with like-minded organizations, First Women's Bank aims to create positive impact through education and funding, supporting women-led businesses and entrepreneurs in achieving financial wellness.

Key Takeaways:

  • First Women's Bank, the only women-founded, women-owned, and women-led commercial bank in the country, has announced five new Mission Partners: Airbnb, BCG, Principal Financial Group, Salesforce, and Envestnet.
  • The new Mission Partners join existing partners such as Aon, Comcast Corp., Microsoft, United Airlines, and others, totaling over a dozen companies committed to closing the gender lending gap.
  • First Women's Bank's mission to grow the economy and elevate the role of women is aligned with its new Mission Partners, giving the bank access to scalable resources to support women entrepreneurs.
  • The objective of the partnership is to amplify the power of the women's economy through education and funding, highlighting the benefits of diversely managed companies and inclusivity.
  • First Women's Bank's lending strategy targets women-owned businesses with the aim of bridging the investment gap and fostering inclusive economic growth.
  • Strategic Advisors Sophia Bush and Nia Batts join investor and Strategic Advisor Billie Jean King in supporting First Women's Bank's efforts to bridge the gap in providing financing for women-led businesses.

Statistics:

  • Over 4 million Airbnb hosts have welcomed more than 1 billion guest arrivals in almost every country across the globe. (Source: Airbnb)
  • BCG's research suggests that diversely managed companies better withstand unanticipated changes and First Women's Bank supports this idea by amplifying the power of the women's economy through education and funding. (Source: BCG)
  • Principal Financial Group has 19,000 employees passionate about improving the wealth and well-being of people and businesses. (Source: Principal Financial Group)
  • Salesforce is the global CRM leader, empowering companies of every size and industry to digitally transform and create a 360x view of their customers. (Source: Salesforce)
  • Envestnet serves 106,000 advisors and approximately 6,900 companies, including 16 of the 20 largest U.S. banks and 47 of the 50 largest wealth management and brokerage firms. (Source: Envestnet)
  • First Women's Bank aims to provide accessible financing for small businesses, focusing on the women's economy through partnerships with like-minded organizations such as its new Mission Partners.

Sources:

  • [Source 1: First Women's Bank Press Release on New Mission Partners (December 1, 2022)](https://www.businesswire.com/news/home/20221201005818/en/)
  • [Source 2: About First Women's Bank](https://www.firstwomens.bank)
  • [Source 3: Airbnb](https://www.airbnb.com)
  • [Source 4: Boston Consulting Group](https://www.bcg.com)
  • [Source 5: Principal Financial Group](https://www.principal.com)
  • [Source 6: Salesforce](https://www.salesforce.com)
  • [Source 7: Envestnet](https://www.envestnet.com)