The Black Entrepreneur Loan Program aims to
support Black-led businesses which have historically been excluded
from traditional funding methods
TORONTO, Oct. 27,
2022 /CNW/ - The Black Opportunity Fund (BOF)
announces the Black Entrepreneur Loan Program, an inclusive lending
program for Black entrepreneurs. Through the Black Entrepreneur
Loan Program, Black entrepreneurs who have been unable to secure
funding to-date through Canadian financial institutions, may be
eligible to apply for loans in the range of $10,000 to $50,000.
This new initiative is part of a $10
million, five-year commitment from TD Bank Group announced
in September 2021, among one of the
largest contributions in Canada to
a Black-focused, Black-led and Black-serving organization. This
donation aims to support the continued effort of combating
anti-Black racism and broader systemic discrimination, create
opportunities for economic inclusion, and help meet the needs of
Black communities across Canada.
Following extensive consultations with Black entrepreneurs in
communities across Canada, BOF
built a lending capacity and support network with an
anti-oppression lens that ensures that Canadian Black entrepreneurs
will have a well-capitalized and thoughtful lending partner in
BOF.
"We know that Black business owners across Canada are disproportionately rejected in loan
applications," said Craig
Wellington, Executive Director of the Black Opportunity
Fund. "Systemic racism impacts most Black entrepreneurs, which is
why we are dedicated to provide funding and capacity building
support for Canadian Black-led businesses, with the goal of
supporting long-term, sustainable business across Canada."
A 2021 Abacus Data study by the African Canadian Senate Group
and Senator Colin Deacon found that access to capital is
the greatest barrier for Black entrepreneurs, with 75 per cent
stating that they would have difficulty finding $10,000 to support their business. Additionally,
Black business owners have low trust in banks, with only 19 per
cent of respondents saying they trust banks to do what is right for
them and their community.
"TD is committed to helping remove barriers for groups who have
traditionally faced obstacles when it comes to financial advice,
wealth management, and loan access. As part of our five-year
commitment to the Black Opportunity Fund, we are pleased to help
support equitable access to funding for Black entrepreneurs across
Canada," said Al Ramsay, Vice President, 2SLGBTQ+ and Black
Customer Segments, TD Bank Group. "Since 2011, the Bank has
conducted research into understanding the needs of Black
communities and with the launch of the TD Black Customer
Experience Strategy in 2021, and the work the strategy has achieved
to date, we are aligned with the Bank's commitments it made in
2020."
The Black Entrepreneur Loan Program applications are now open.
Applicants must meet specific criteria, including: self-identify as
Black; be organized as a sole proprietorship, partnership, or
incorporated, be over 18 years of age at the time of application,
have a web presence, and more.
For full eligibility and application details, visit
blackopportunityfund.ca.
About Black Opportunity
Fund
Black Opportunity Fund (BOF) is a community-led registered
Canadian charitable organisation, whose mandate is to dismantle
anti-Black racism by establishing a sustainable pool of capital to
fund Black-led businesses and Black-led not for profit
organisations and charities, in order to improve the social and
economic well-being of Canada's
Black communities. The fund will catalyse the cultural,
socio-economic, institutional, and political change required to
enable Canada's diverse Black
communities to thrive. Black Opportunity Fund will prioritise
initiatives around education, health, women, criminal justice,
entrepreneurship, arts & culture, and youth that impact the
quality of life in Black communities across Canada.
About TD Bank Group
The 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 and serves more
than 27 million customers in three key businesses operating in a
number of locations in financial centres around the globe: Canadian
Retail, including TD Canada Trust, TD Auto Finance Canada, TD
Wealth (Canada), TD Direct
Investing, and TD Insurance; U.S. Retail, including TD Bank,
America's Most Convenient Bank®, TD Auto Finance U.S.,
TD Wealth (U.S.), and an investment in The Charles Schwab
Corporation; and Wholesale Banking, including TD Securities. TD
also ranks among the world's leading online financial services
firms, with more than 15 million active online and mobile
customers. TD had CDN$1.8 trillion in assets on July
31, 2022. The Toronto-Dominion Bank trades under the symbol "TD" on
the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group