TD Bank Targets $20 Billion to Spark Economic Opportunities for Low- and Moderate-Income, Diverse and Underserved Communities across 15 States and Washington, D.C.
Community Impact Plan continues TD's local engagement with three-year roadmap
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in support of residential lending for LMI and/or minority borrowers$10B -
in community lending and investment$7.5B -
in small business lending$2.8B -
$70M M in CRA-related philanthropy
“At TD Bank, we know our success is tied directly to the people and the communities we serve. When they flourish, we succeed,” said Leo Salom, President and CEO of TD Bank, America's Most Convenient Bank®. “One of our primary objectives as a purpose-driven bank is to help power economic opportunities that help low- and moderate-income (LMI), 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 expands TD's mission to positively impact social and economic outcomes for all who live in the communities it serves and enhance financial inclusion for diverse and underserved individuals and businesses.
“I’m glad to see TD’s leadership demonstrate a continued commitment to the values and principles that have guided our conversations to date and look forward to more strong collaboration in future,” said Jesse Van Tol, NCRC President and CEO. “Every bank should set ambitious goals for supporting underserved communities. And we’re pleased to provide strategic insights to advance this strategy. Those efforts can only be effective if they are informed by the input of community leaders like NCRC and our members. TD listened and then delivered this new Community Impact Plan to help ensure its investments and programs are aligned to community needs.”
TD Bank's Community Impact Plan comprises:
Mortgage Lending and Consumer Products
TD Bank will enable affordable home ownership by providing
The bank will continue offering and enhancing retail products and services designed to meet the needs of economically vulnerable consumers.
Small Business Support
The plan builds on TD's ongoing commitment to support the critical role small businesses play in local economies by offering an estimated
TD Bank will create a lending Special Purpose Credit Program for small businesses that are registered Minority Business, women-owned or veteran-owned enterprises.
Community Development Loans and Investment
TD Bank will provide
CRA-Related Philanthropy and Sponsorships
The TD Office of Charitable and Community Giving will direct
This commitment includes the TD Charitable Foundation's first Capacity Building Fund for organizations with annual budgets of less than
Banking Access
Consistent with TD's goal to make banking accessible to all customers, the bank will seek to open approximately 15 locations in LMI and/or majority-minority markets, subject to any regulatory approvals. This includes creating additional community-centered stores, which feature dedicated space that can be used for financial education workshops or non-profit meetings.
Additional Highlights
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Continue support of Community Development Financial Institutions (CDFIs)/Minority Depository Institutions (MDIs) through nearly
in lending, investments and grants.$320 million -
Increase spending with certified diverse suppliers by
25% . - Reach 54,000 participants through TD-led financial literacy and fraud prevention programs.
- Engage and support Historically Black Colleges and Universities (HBCUs) through recruitment of students and alumni and enhancement of financial access.
- Establish a Community Advisory Board who will advise and provide oversight of TD’s activities in support of the strategy.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the
TD Bank is a subsidiary of The Toronto-Dominion Bank, a top 10 North American bank. The Toronto-Dominion Bank trades on the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240123140844/en/
Media:
Martha A. Gaston, APR
VP, Senior Corporate Communications Manager
TD Bank
martha.gaston@td.com
Source: TD Bank