Principal® joins First Women’s Bank as Mission Partner

Rhea-AI Summary

Principal Financial Group announces its partnership with First Women’s Bank (FWB) to enhance support for women-owned businesses. This initiative reflects Principal's commitment to financial inclusion and aims to double its support for small and midsized businesses owned by women and people of color. The collaboration will provide vital capital and resources to female entrepreneurs, addressing the existing disparities in access to financial products. CEO Dan Houston and FWB president Marianne Markowitz emphasize the importance of equal access to capital for fostering an inclusive economy.

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• Partnership with First Women’s Bank to support women-owned businesses.
• Commitment to doubling support for small and midsized businesses owned by women and people of color.
• Focus on closing financial access gaps for female entrepreneurs.

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Financial services company’s commitment demonstrates support for gender equality while building an inclusive business community

DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group^® is proud to announce its support today for First Women’s Bank (FWB) as a Mission Partner, providing capital to fuel growth for women-owned businesses.

“Principal^® is committed to putting financial security within reach of more people, with a history of working with small and midsized businesses,” said Dan Houston, chairman, president, and CEO of Principal. “Vibrant and prosperous businesses support economically vibrant communities, and we’re honored to work with First Women’s Bank, a firm who shares our vision for a more financially inclusive and sustainable world.”

Principal has committed to doubling the number of small and midsized businesses it supports, which are owned by women and people of color, through product access, community development and financial education, and this announcement is the latest example of progress toward that goal.

“We know from our research that women report they have less access to financial products, tools, services, and safeguards than men¹,” said Amy Friedrich, president of U.S. Insurance Solutions at Principal. “This disparity in access extends to female-led businesses seeking capital to start or grow their enterprises². Supporting female entrepreneurs can boost the global economy.³ We’re excited to work with First Women’s Bank to help close this gap and get more resources in the hands of female entrepreneurs.”

FWB is a first-of-its-kind bank with a mission to grow the economy and elevate the role of women within it. FWB Mission Partners support the bank through mission deposits and lending programs that help expand economic opportunity for the women’s economy and women-owned businesses. FWB’s innovative strategy combines national Small Business Administration lending with deposits from mission-aligned individuals, corporations, and organizations to create accessible lending for small businesses.

“We believe that the potential for First Women’s Bank to drive social change and close the gender lending gap is enormous, and we draw great strength in that effort from mission-aligned partners like Principal Financial Group,” said Marianne Markowitz, president and CEO of First Women’s Bank. “Principal understands that equal access to capital is critical to helping build a thriving, inclusive economy.”

FWB Mission Partners support the Bank through FDIC-insured mission deposits and lending programs that will help expand economic opportunity for the women’s economy and women-owned businesses.

¹ According to the 2022 Global Financial Inclusion Index sponsored by Principal Financial Group

² According to the “21st Century Barriers to Women’s Entrepreneurship,” Majority Report of the U.S. Senate Committee on Small Business and Entrepreneurship

³ According to the Boston Consulting Group “Want to Boost the Global Economy by $5 Trillion? Support Women as Entrepreneurs.”

About Principal Financial Group®

Principal Financial Group^® (Nasdaq: PFG) is a global financial company with 19,000 employees¹ passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 55 million customers¹ plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal^® is proud to be recognized as one of America’s 100 Most Sustainable Companies², a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management³.” Learn more about Principal and our commitment to building a better future at principal.com.

1 As of September 30, 2022

2 Barron’s, 2022

3 Pensions & Investments, 2021

About First Women’s Bank

First Women’s Bank is the only women-founded, women-owned and women-led commercial bank in the country on a mission to grow the economy and elevate the role of women within it. The Bank serves a national lending and deposit market from its flagship location in Chicago.

FWBank is a Member FDIC and Equal Housing Lender.

For more information, visit www.FirstWomens.Bank.

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company®. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.

©2022 Principal Financial Services, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221201005077/en/

Ashley Miller, miller.ashley@principal.com, 515-878-6295

Source: Principal Financial Group