Microsoft and United Airlines have teamed up with First Women’s Bank (FWB) to make finance more accessible to women-led businesses to improve women’s economic prospects. The development comes after Microsoft announced the diversity campaign #BuildFor2030 to enhance innovation.
Tech giant Microsoft has become the latest addition to the Mission Partners’ list of First Women’s Bank (FWB).Â
Aon, Wendy’s, Comcast, William Blair, and the Western Golf Association are among FWB’s existing Mission Partners. The other supporters include investors like Billie Jean King, Fidelity Investments, Bank of America, and strategic advisors Sophia Bush and Nia Batts.Â
“Closing the gender lending gap is a critical step toward achieving gender equality. First Women’s Bank is the bank to do it,†said Marianne Markowitz, president and CEO of First Women’s Bank. “Together with our Mission Partners and supporters, First Women’s Bank will help bridge that gap, elevate small businesses and the communities they serve, and promote more inclusive economic growth.â€
FWB’s unique strategy incorporates Small Business Administration lending with deposits from mission-aligned people, corporations, and organizations to provide accessible funding for small businesses with a key focus on women-led ones. FWB’s Mission Partners work to create economic opportunities for women’s businesses through FDIC-insured mission deposits.
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“We’re excited to partner with First Women’s Bank and continue to invest in the women’s economy,†said Anita Mehra, corporate vice president of global treasury & financial services at Microsoft. “Microsoft strives to create environments where people of a diverse range of backgrounds, especially women and women of color, have the resources and support they need to thrive.â€
In addition to Mission deposits, Microsoft intends to use the FWB Collective to provide small companies with training and tools. This aligns with Microsoft’s global skills efforts. The FWB Collective is a resource, support, and inspiration group for small companies looking to develop and succeed.
This is not the first time Microsoft has supported women-led initiatives. The company has actively promoted and propagated women’s rights to equality and equal opportunities. Its initiativeOpens a new window #BuildFor2030 is to help achieve the United Nations Sustainable Development Goals through accelerating innovation, change-making, and collective impact (SDGs).
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This year, the company strives to highlight strategies centered on gender equality, digital inclusion and accessibility, climate action and sustainability, enabling organizations, and empowering communities.
Last year in August, Microsoft joined hands with SAP for a skilling program exclusively tailored to encourage young women students from marginalized communities to pursue professions in technology. This program was a part of their shared commitment to promote digital equity. The movement aimed to train 62,000 women in artificial intelligence, cloud computing, web design, and digital marketing.
Besides, Microsoft has an existing free AI training course for women in APAC regions to bridge the gender gap in AI. “In order to get a more diverse workforce in AI, we need to increase the pipeline, hire more women and minorities into AI positions and create an environment that gives them opportunities to thrive so that we can retain them,†said Jennifer Chayes, managing director of Microsoft Research New England, NYC and Montreal. The technology could benefit or hurt people, so the usage of tech is humanity’s responsibility as a whole.Â
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