Good morning, Broadsheet readers. Tory Burch may be known for her ballerina flats, but today we hear from Bank of America exec Anne Finucane about what the designer taught the financial giant about small business. Read on to meet a nun who also coaches college football in Minnesota and to get networking advice from some of the most connected women in the world. Have a great weekend!
• More power, more tears. As women gain more responsibilities on the job, they also become more depressed than their female colleagues with less office power. For men, it’s exactly the opposite. Why? A study claims that working women face much more stress from “prejudice, discrimination, unfavorable stereotypes, negative social interactions, lack of communication and support from superiors and coworkers” than do men. Fortune
ALSO IN THE HEADLINES
• Women only. In a move to compete with Lululemon and other female fitness retailers, Nike has opened its first store entirely for women. The 6,000-square-foot location, located in Newport Beach, Calif., will be followed by a second women’s store in Shanghai. Businessweek
• 20 out of 21. Out of all the chairmanships for next year’s House committees, Republicans have granted 20 out of the 21 spots to men. Slate
• No problem. Flickr co-founder Caterina Fake isn’t having trouble getting women to come work at her current company, Findery. “It’s all about women knowing women, and deliberately recruiting women,” Fake says. Fortune
• Not afraid of ‘no.’ Emily Weiss, the founder of beauty blog Into The Gloss, raised $8.4 million in funding for her new skincare line Glossier. Before she hit success, she said the countless times she was told no by investors was “an important exercise in understanding different funds and learning which would be the best fit for me.” Fortune
• Uber’s crisis hire. The ride sharing service hired privacy expert Harriet Pearson, a former chief privacy officer at IBM, to go over its policies after a senior executive told a reporter that he wanted to hire opposition researchers to discover malicious things about journalists. Fortune
• The higher, the better. For female investors in India, the climb gets easier after they rise through the ranks and enter senior management, according to Vani Kola, co-founder and managing director of venture firm Kalaari Capital.“The hurdles are high at the beginning of the path. Once you cross each hurdle, it gets easier,” she said, adding that women shouldn’t “obsess about the ceilings.” WSJ
Tory Burch schools Bank of America on small business
Before Tory Burch opened her first boutique on Elizabeth Street in Manhattan, she designed clothes in her very own kitchen. Now Burch’s eponymous global brand has more than 125 freestanding stores. While the fashion designer was fortunate to raise enough funds to open up her first shop, she knows that countless new female entrepreneurs don’t have the same opportunity.
That’s why the purveyor of the $200 ballet flat shoes partnered with Bank of America in January to provide women entrepreneurs in the U.S. with access to affordable loans, mentoring support and networking opportunities. Now their program is expanding across the country. Through Elizabeth Street Capital, a program that lives within Burch’s foundation, Bank of America is working with Community Development Financial Institutions (CDFIs) to make affordable loans available to female entrepreneurs living in states like California, Texas and New Jersey. The financial giant has made an initial $10 million commitment to the program, but has every intention to add more money in the future, said Anne Finucane, the bank’s global chief strategy and marketing officer.
Bank of America already loans $10.7 billion annually to small businesses, but entrepreneurs who are just starting out often don’t qualify for a traditional bank loan. Also, female entrepreneurs struggle more than their male counterparts in getting access to capital. Burch’s rise to fame made the bank realize that, despite its expansive small business loan program, successful founders like Burch who should be granted loans could still be slipping through the cracks, Finucane said.
“Tory is a good partner. She is serious about it and she adds a caché to the program that is hard to duplicate anywhere else,” said Finucane. “This is the business we are in. Helping people with their financial lives. This is an early stage of investment that we may not have gotten to otherwise.”
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IN CASE YOU MISSED IT
• Networking experts sound off. Even though most people know hundreds of people, women tend to go to networking events thinking that there’s only one person who can help them. Fast Company spoke to 10 of the most connected women to ask them for tips on how to network in a meaningful way. “Enthusiasm in connections is what really stands out,” said Alexandra Ostrow Beach, founder of WhyWhisper. “Take the time to know who everyone is and put people in touch with one another.” Fast Company
• A football coaching nun. Sister Lisa Maurer is an assistant football coach for The College of St. Scholastica in Duluth, Minnesota. “She’s boisterous. She’s loud. She gets us fired up. I know everyone in their head kind of has this stereotype of a nun, and she doesn’t really fit that at all. She knows sports. She loves football,” one of her players told the New York Times. NYTimes
• A remodel for Barbie. In more doll news this week, Mattel has apologized for creating a computer engineer Barbie in 2010 that was completely incompetent and said things in an accompanying book like,“I’m only creating the design ideas. I’ll need Steven and Brian’s help to turn it into a real game!” Meanwhile, an awesome action figure built to empower girls was named one of Time’s 25 best inventions of 2014. HuffPost
ON MY RADAR
Why ‘fake it till you make it’ actually works Fortune
10 countries with better maternity leave than the U.S. Daily Worth
Leaders set the tone, but there’s more work to be done Forbes
The gender wage gap can grow and shrink at the same time The Atlantic
Half of employees don’t feel respected by their bosses HBR
When a job opens up, a woman won't necessarily put her hat in the ring for that next rung up and you'll have ten men who say 'Whether I'm qualified or not I'm ready for it.' Women don't tend to see themselves as ready for that next role, as they ought to. They doubt themselves. It is up to the managers, men or women, to reach down and pull those women up.Melinda Gates tells Time.