Philip Morris International Announces $5M Investment In WBDC

STAMFORD, CT — Stamford-based Philip Morris International (PMI) this week announced the launch of an extended partnership via its U.S. business to support female empowerment with a record-setting $5 million investment in the Women’s Business Development Council (WBDC).

The WBDC, which is also in Stamford, is a 501(c)(3) charitable organization dedicated to providing tools and resources to help women entrepreneurs thrive in business throughout Connecticut.

Beginning January 2025, in coordination with WBDC, PMI’s U.S. business will contribute $1 million per year over five years toward the "Women’s Economic Empowerment Initiative" (WEEI) to help remove barriers that prevent women from full participation in Connecticut’s entrepreneurial ecosystem.

"Philip Morris International is committed to making a positive impact throughout Connecticut communities and beyond. Our partnership with WBDC and investment through the ‘Women’s Economic Empowerment Initiative’ enables us to better support Gov. Ned Lamont’s vision of positioning our state as a catalyst for women and their families," said Stacey Kennedy, president, Americas Region & CEO of PMI’s U.S. business, in a news release.

"As the first multinational to receive Global EQUAL-SALARY Certification, we believe supporting female empowerment and ensuring economic equality is paramount for our collective economic growth. We encourage other companies to join in the initiative to empower females across the state. We have chosen to partner with WBDC because of their 27-year track record as the leading force for women’s empowerment and entrepreneurship and a driver of economic equity across Connecticut," Kennedy added.

Since 1997, WBDC has educated and trained more than 18,900 clients in all of Connecticut’s 169 towns— helping women to launch, sustain, and scale more than 14,170 businesses, create and maintain more than 31,400 jobs, and access more than $57 million in capital.

This support from PMI will ensure the continuity of the vital services WBDC provides and will allow the WBDC to build a legacy thousands of female entrepreneurs in Connecticut can rely on for years to come.

"This investment from PMI will enable us to continue the critical work we do to support economic independence through entrepreneurship for women in Connecticut," said WBDC CEO Fran Pastore in a news release.

"We are pleased that PMI has trusted us to use these funds to continue to help women access capital, education, and resources to support themselves and fuel employment within our state," Pastore said. "Over the past few years, we have seen a 275 percent increase in the number of women who come to us seeking to launch or scale their business. Without the support of corporations in our community like PMI, this growth, and the growth we anticipate in the future, would not be possible."

In attendance at this week's announcement was Gov. Ned Lamont; U.S. Congressman Jim Himes (D-4); Lt. Gov. Susan Bysiewicz; Stamford Mayor Caroline Simmons and other PMI and WBDC officials.

"Investments in female entrepreneurs and women-led businesses are investments in the future of Connecticut," Lamont said in a news release. "From our efforts to advance pay equity, to enacting a paid family medical leave program, to safeguarding healthcare services and increasing access to childcare so that women who enter the workforce can not only stay in the workforce, but advance as leaders and entrepreneurs, these are just some of the reasons Connecticut is one of the best states in the nation to live, work, and raise a family."