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STAMFORD, Conn. — Stamford-based Philip Morris International (PMI) this week made a record $5 million investment in the Women’s Business Development Council (WBDC) to support the empowerment of women through its U.S. operations. Announced the launch of an expanded partnership.
WBDC, also located in Stamford, is a 501(c)(3) philanthropic organization dedicated to providing tools and resources to help women entrepreneurs succeed in business throughout Connecticut.
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Starting in January 2025, in partnership with WBDC, PMI’s U.S. operations will participate in the Women’s Economic Empowerment Initiative (WEEI) for five years to help remove barriers to women’s full participation in Connecticut’s entrepreneurial ecosystem. Donate $1 million annually.
“Philip Morris International is committed to making a positive impact across communities in Connecticut and beyond. Through our partnership with WBDC and our investments through the Women’s Economic Empowerment Initiative, our We will be able to better support Gov. Ned Lamont’s vision of positioning our state as a catalyst for women. and her family,” Stacey Kennedy, PMI’s president of the Americas and CEO of its U.S. operations, said in a news release.
“As the first multinational company to achieve the Global Equal Pay Certification, we believe that supporting the empowerment of women and ensuring economic equality is paramount to our collective economic growth. encourages other companies to join efforts to empower women across the state. We have chosen to: Lead in women’s empowerment and entrepreneurship and support efforts across the state of Connecticut. We are proud to partner with WBDC because of their 27-year track record of advancing economic equity in the United States,” Kennedy added.
Since 1997, WBDC has educated and trained more than 18,900 clients in all 169 towns in Connecticut, helped women start, maintain, and grow more than 14,170 businesses, and created and retained more than 31,400 jobs. We have helped clients access over $57 million in capital.
This support from PMI will ensure the continuation of the critical services provided by WBDC and allow WBDC to build a legacy that thousands of women entrepreneurs in Connecticut can rely on for years to come. .
“This investment from PMI will allow us to continue our important work supporting economic independence through entrepreneurship for women in Connecticut,” WBDC CEO Fran Pastore said in a news release.
“We are pleased that PMI has trusted us to leverage these funds and continue to help women access capital, education and resources to support themselves and drive employment in the state. ” Pastore said. “Over the past few years, we have seen a 275% increase in the number of women who come to us seeking to start or grow their businesses. Without the support of businesses in our community like PMI, we would not have been able to achieve this growth. Growth isn’t going to happen.’ It won’t be possible in the future. ”
Gov. Ned Lamont also attended this week’s announcement. U.S. Representative Jim Himes (D-4). Lieutenant Governor Susan Bycevic. Stamford Mayor Caroline Simmons and other PMI and WBDC officials.
“Investing in women entrepreneurs and women-led businesses is an investment in Connecticut’s future,” Lamont said in a news release. “From working to increase pay equity to creating paid family and medical leave programs to protecting health care services and expanding access to child care, we are working to ensure that women in the workforce not only stay in the workforce, but also become leaders. These are just a few of the reasons why Connecticut is one of the best states in the nation to live, work, and raise a family. ”
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