The Black Entrepreneur Loan Program aims to support Black-owned businesses that have historically been excluded from traditional financing methods
TORONTO, October 27, 2022 /CNW/ – The Black Opportunity Fund (BOF) announces the Black Entrepreneur Loan Program, an inclusive lending program for black entrepreneurs. The Black Entrepreneur Loan Program allows black entrepreneurs who have not previously been able to obtain funding from Canadian financial institutions to apply for loans of up to $10,000 to $50,000.
This new initiative is part of a 10 million dollarsfive-year commitment by TD Bank Group, announced in Sep 2021one of the greatest contributions in Canada a Black-focused, Black-led, Black-served organization. This donation aims to support continued efforts to combat anti-Black racism and broader systemic discrimination, create opportunities for economic inclusion, and help meet the needs of Black communities everywhere Canada.
After extensive consultations with black entrepreneurs in communities everywhere CanadaBOF has built a lending capacity and support network with an anti-oppression lens, ensuring Canadian Black entrepreneurs have a well-capitalized and prudent lending partner in BOF.
“We know black business owners are everywhere Canada are disproportionately rejected when it comes to loan applications,” said Craig Wellington, Executive Director of the Black Opportunity Fund. “Systemic racism affects most Black entrepreneurs, which is why we are committed to providing funding and capacity-building support to Black-owned Canadian businesses with the goal of supporting long-term, sustainable businesses across the board Canada.”
A 2021 Abacus Data study by the African Canadian Senate Group and Senator Colin Deacon found that access to capital is the top barrier for black entrepreneurs, with 75 percent saying they would struggle to find capital $10,000 to support their business. Additionally, Black business owners have low levels of trust in banks, with just 19 percent of respondents saying they trust banks to do what is right for them and their community.
“TD is committed to removing barriers for groups that have traditionally faced barriers when it comes to financial advice, wealth management and access to credit. As part of our five-year commitment to the Black Opportunity Fund, we are happy to help support equity Access to finance for black entrepreneurs across Europe Canada,” said Al Ramsay, Vice President, 2SLGBTQ+ and Black Customer Segments, TD Bank Group. “Since 2011, the bank has conducted research to understand the needs of Black communities and we are aligned with the launch of the TD Black Customer Experience Strategy in 2021 and the work the strategy has done to date the Bank’s commitments in 2020.”
Applications for the Black Entrepreneur Loan Program are now open. Applicants must meet certain criteria, including: self-identify as Black; be organized as a sole proprietorship, partnership or corporation, be over 18 years of age at the time of application, have a web presence, and more.
For full eligibility and application details, see blackopportunityfund.ca.
About the Black Opportunity Fund
The Black Opportunity Fund (BOF) is a community-led, registered Canadian charity whose mission is to reduce anti-Black racism by creating a sustainable pool of capital to fund Black-owned businesses and Black-owned nonprofits and charities improve social and economic well-being canada black communities. The Fund will catalyze the cultural, socio-economic, institutional and political change needed to make this possible canada diverse black communities to thrive. The Black Opportunity Fund will prioritize initiatives in education, health, women, criminal justice, entrepreneurship, arts and culture, and youth that impact the quality of life in black communities everywhere Canada.
About TD Bank Group
Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by assets, serving more than 27 million customers in three key businesses operating from a number of locations in financial centers around the world: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing and TD Insurance; US retail, including TD Bank, America’s most convenient bank®, TD Auto Finance US, TD Wealth (US) and an investment in The Charles Schwab Corporation; and wholesale banking, including TD Securities. TD is also one of the world’s leading online financial services companies with more than 15 million active online and mobile customers. TD had CA$1.8 trillion in assets as of July 31, 2022. Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under the symbol “TD”.
SOURCE TD Bank Group