TD Launches Black Entrepreneur Credit Access Program
TD Bank Group (TD) is taking another step toward positive change to address anti-Black racism and systemic discrimination with the launch of the Black Entrepreneur Credit Access Program. A lending program based on providing fairer access to credit for black entrepreneurs, who disproportionately face barriers to securing financing for their businesses, helps promote financial inclusion. Designed to help Black business owners drive their businesses forward, the program also offers dedicated support and resources via specialized Account Managers and Black Customer Experience regional teams as part of TD’s Black Customer Experience strategy.
“TD is committed to supporting black communities by helping to remove barriers to credit access, wealth management and specialist advice,” says Al Ramsay, Vice President, 2SLGBTQ+ & Black Customer Segments, TD Bank Group. “Through our Black Entrepreneur Credit Access Program, we are excited to offer comprehensive support to Black-led businesses, including flexible access to credit, regional teams of specialized account and small business managers, and resources within our ecosystem of affiliates.”
Research-based approach to providing credit access
Research conducted by Abacus Data* found that 76 percent of black entrepreneurs surveyed said they felt race made it more difficult to succeed, citing access to finance, funding and capital as some of their biggest challenges – a sentiment echoed in our research with leaders in black communities. and small business owners. The same research revealed that black entrepreneurs feel that little is done before, during and after a credit application to help black small business owners succeed, and insufficient information is given to rejected applicants about next steps after a rejection.
Dedicated resources imbued with making a positive difference
As part of the program, TD offers an enhanced credit assessment process that includes a holistic view of the applicant’s credit application and, if necessary, a secondary review by a specialized credit assessment committee. Applicants can also work directly with TD’s Black Customer Experience Team who can support entrepreneurs in navigating the bank and can make connections with organizations that TD supports via funding, such as the Black Opportunity Fund (BOF), the Federation of African Canadian Economics (FACE), or a number of regional organizations. To participate in the program, businesses must certify that they are eligible, which includes being 50 percent or more black-owned.
“With this strong foundation in place, we are better able to help black entrepreneurs access credit directly through TD and through many allied organizations,” says Ramsay.
Bringing the bank to the community
Since 2011, TD has worked to provide greater financial support and inclusion for Black Canadians, beginning with a research-based approach to understanding the needs of Black communities in Canada, helping to form TD’s Black Customer Experience (BCE) Strategy in October 2021 Since its inception, the BCE strategy has focused on bringing the “whole bank” to black communities, including hiring and training regional managers to provide community support.
Accelerating TD’s diversity and inclusion journey
Today’s announcement highlights the acceleration of TD’s diversity and inclusion journey and the bank’s commitment to doing more for black customers. In September 2021, TD announced a five-year commitment of $10 million to the Black Opportunity Fund, one of the largest contributions in Canada to a black-focused, black-led, black-serving organization. The donation and package of initiatives support TD’s continued efforts to combat anti-black racism and broader systemic discrimination and help meet the needs of black communities across Canada by creating opportunities for economic inclusion.
*May 2021 Abacus Data Research – commissioned by the African Canadian Senate Caucus and Nova Scotia Independent Senator Colin Deacon
