TD Bank Group (TD) takes another step toward positive change to address anti-Black racism and systemic discrimination with the launch of the Black Entrepreneur Credit Access Program.
The program is founded on providing more equitable access to credit for Black entrepreneurs who disproportionally face hurdles securing funding for their businesses, helping to foster economic 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 remove obstacles when it comes to loan access, wealth management and specialized advice,” said Al Ramsay, Vice President, 2SLGBTQ+ & Black Customer Segments, TD Bank Group. “Through our Black Entrepreneur Credit Access Program, we’re thrilled to offer holistic support to Black-led businesses, including flexible access to credit, regional teams of specialized Account and Small Business managers as well as resources within our ecosystem of affiliated organizations.”
Research by Abacus Data found that 76% of Black entrepreneurs surveyed said they felt race made it harder to succeed, citing access to funding, financing and capital as some of their top challenges — a sentiment echoed in our research with Black community leaders and small business owners. The same research unveiled that Black entrepreneurs feel there is little done before, during and after a credit application to help Black Small Business Owners succeed and insufficient information is supplied to rejected applicants on next steps after a decline.