The Black Entrepreneur Loan Program aims to support Black-led businesses that have historically been excluded from traditional financing methods.

Toronto, October 27, 2022 /CNW/ – The Black Opportunity Fund (BOF) announced the Black Entrepreneur Loan Program, a comprehensive loan program for black entrepreneurs. Through the Black Entrepreneur Loan Program, black entrepreneurs who have previously been unable to secure funding through Canadian financial institutions are $10,000 To $50,000.

This new initiative $10 millionTD Bank Group’s Five-Year Commitment Announced at September 2021one of the largest contributions Canada An organization that is black-focused, black-led, and serves black people. This donation will support ongoing efforts to combat anti-Black racism and broader systemic discrimination, create opportunities for economic inclusion, and help meet the needs of Black communities around the world. purpose. Canada.

Following extensive consultations with black entrepreneurs in communities across the country CanadaBOF has built a lending capacity and support network with an anti-oppression lens that ensures black entrepreneurs in Canada have well-capitalized and thoughtful lending partners at BOF.

“Black business owners Canada Loan applications are disproportionately denied.” Craig Wellington, Executive Director of Black Opportunity Fund. “Systemic racism affects most Black entrepreneurs, which is why we are dedicated to funding Black-led businesses in Canada and providing capacity-building support. Canada.”

According to a 2021 Abacus Data survey by the African-Canadian Senators Group and Senator Colin Deacon, access to capital is the biggest barrier for black entrepreneurs, with 75% saying it’s hard to find. $10,000 to support their business. Additionally, black business owners have low trust in their banks, with only 19% of respondents saying they trust their banks to do the right thing for them and their communities.

“TD is committed to helping remove barriers for groups that have historically faced obstacles when it comes to financial advice, wealth management and access to loans. As part of that, we are excited to help support equitable access to funding for black entrepreneurs. Canada,” Said Al Ramsey, Vice President, 2SLGBTQ+ and Black Customer Segment, TD Bank Group. “Since 2011, the bank has conducted research to understand the needs of the Black community and will launch the TD Black Customer Experience Strategy in 2021, and the work the strategy has accomplished so far includes: Commitments made by the World Bank in 2020.”

Applications for the Black Entrepreneur Loan Program are now open. Applicants must meet certain criteria, including: Be organized as a sole proprietorship, partnership or legal entity, he must be at least 18 years of age at the time of application, have a web presence, etc.

For full eligibility and application details, please visit: blackopportunityfund.ca.

About Black Opportunity Fund

The Black Opportunity Fund (BOF) is a community-driven, registered Canadian charity whose mission is to provide sustainable capital to fund Black-led businesses and Black-led non-profit organizations and charities. To dismantle anti-black racism by establishing a pool.to improve the social and economic well-being of Canada’s black community. This fund will be the catalyst needed to enable cultural, socio-economic, institutional and political change. Canada’s A thriving and diverse black community. The Black Opportunity Fund prioritizes initiatives in education, health, women, criminal justice, entrepreneurship, arts and culture, and youth that impact the quality of life of Black communities. Canada.

About TD Bank Group

Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or “Bank”). TD is North America’s sixth-largest bank by assets, serving more than 27 million customers across three primary businesses operating in many locations in financial centers around the world. Canadian Retail, which includes TD Canada Trust; TD Auto Finance Canada; and TD Wealth. (Canada), TD Direct Investing, and TD Insurance; U.S. retailers including TD Bank, America’s most convenient bank^®, TD Auto Finance US, TD Wealth (US), and Charles Schwab Corporation. Wholesale Banking, including TD Securities. TD is also one of the world’s leading online financial services companies, with over 15 million active online and mobile customers. TD said he had a net worth of C$1.8 trillion as of July 31, 2022. Toronto-Dominion Bank trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “TD”.

Source TD Bank Group