Principal® Joins First Women's Bank As Mission Partner

DES MOINES, Iowa, December 2, 2022 /3BL Media/ -- Principal Financial Group^® is proud to announce its support 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^®