The first bank founded and managed exclusively by women recently began operating in Chicago, United States.
According to advisers Billie Jean King, actress Sophie Bush and entrepreneur Nia Batts, the intention of the First Women’s Bank is to overcome the gender gap in access to credit.
“The potential of First Women’s Bank to drive social change and help close the gender and race credit gaps is enormous,” Executive Director Marianne Markowitz said in a statement.
According to its president, FWB is the first bank in which its founders, owners and executives are women and it aims to help “small business owners, their employees and communities.”
“Women-owned businesses are growing twice as fast as the national average, but so far they only receive 16 % of conventional business loans“, she notes.
For now, FBW has only one headquarters and is heavily focused on digital banking.