BusinessTD Bank commits $20b to support underserved communities

TD Bank commits $20b to support underserved communities

TD Bank recently announced a three-year Community Impact Plan that will provide an estimated $20 billion in supporting lending, philanthropy, banking access, and other activities for the benefit of diverse and underserved communities.

The strategy, developed with insight from the National Community Reinvestment Coalition, will target communities across TD Bank’s U.S. presence in 15 states and the District.

“At TD Bank, we know our success is tied directly to the people and the communities we serve,” said Leo Salom, president and CEO of TD Bank. “One of our primary objectives as a purpose-driven bank is to help economic opportunities that help low moderate-income, diverse, and underserved communities achieve their financial goals. Our Community Impact Plan is designed to achieve that vital role as we build on TD’s long-term community focus.”

The Community Impact Plan consists of:

Mortgage Lending and Consumer Products: A $10 billion commitment for residential loans and liquidity to the residential lending market with an emphasis on first-time homebuyers and home equity loans for working class and minority borrowers.

Small Business Support: This commitment builds on the bank’s support of small businesses by offering $2.8 billion in credit to firms with less than $1 million in revenue, with a focus on minority and women-owned businesses and those located in underserved areas.

Community Development Loans and Investment: The bank will provide $7.5 billion in community development loans and other investments to support economic development activities and affordable housing projects, such as special rental housing for veterans or LGBTQ seniors within bank markets.

CRA-Related Philanthropy and Sponsorship: The bank’s Office of Charitable and Community Giving will direct $70 million in Community Reinvestment Act-related philanthropy over the next three years, with 75% of all giving supporting diversely led organizations. The commitment includes the TD Charitable Foundation’s first Capacity Building Fund for organizations with annual budgets of less than $2 million.

Banking Access:The bank will seek to open approximately 15 locations in majority-minority markets, subject to regulatory approval. This includes creating additional community-centered stores, which feature dedicated spaces that can be used for financial education workshops or non-profit meetings.

James Wright Jr. is the D.C. political reporter for the Washington Informer Newspaper. He has worked for the Washington AFRO-American Newspaper as a reporter, city editor and freelance writer and The Washington…
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Source: Washington Informer

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