Cherry Hill-based TD Bank has opened the application process for its annual TD Ready Challenge grant program, it announced Wednesday.
A total of 10 grants are available, worth $1 million each in either American or Canadian dollars, depending on the organization’s country. TD Bank Group is co-located in Toronto.
This year’s proposals should be focused on innovative solutions that support underserved small business owners in developing, launching or growing their businesses, TD said. This year’s challenge will support novel strategies, technologies or partnerships that can help such entrepreneurs overcome persistent barriers such as insufficient funding and support, lack of knowledge about effective business planning and limited access to capital and credit history.
“Small businesses are a crucial part of resilient communities and contribute to strong local economies by helping to drive job growth, innovation and business diversity,” Mushtak Najarali, senior vice president, sustainability, strategic sourcing and enterprise real estate, said. “Despite their critical role, within their first five years, roughly 40% of businesses in Canada fail, and in the U.S., an astounding 50% fail.
“Data from the Canadian Chamber of Commerce and the U.S. Senate Committee on Small Business and Entrepreneurship shows that the situation is even harder for those in underserved communities, who often face systemic barriers when starting or growing a business.”
The TD Ready Challenge is a key component of the bank’s global corporate citizenship platform, the “TD Ready Commitment.” Since 2018, the challenge has granted over $60 million (Canadian) to 65 organizations, focused on the commitment’s four drivers of change: financial security, vibrant planet, connected communities and better health.
This year’s focus aligns with the bank’s social framework, the “TD Pathways to Economic Inclusion,” focused on three areas: employment access, financial access and housing access. It also aligns to the goals of the “TD Bank Community Impact Plan,” a three-year, $20 billion initiative announced in January to provide economic opportunities in low- and moderate-income, diverse and underserved communities in the bank’s U.S. presence.
Applications will be accepted until 4 p.m. Sept. 5. Click here for more.
