TD has announced it is launching the Black Entrepreneur Credit Access Program.

The loan program will provide access to credit for Black entrepreneurs and support from account managers and regional teams.

“TD is committed to supporting Black communities by helping remove obstacles when it comes to loan access, wealth management and specialized advice,” Al Ramsay, vice-president, 2SLGBTQ+ & Black customer segments at TD Bank Group. “Through our Black Entrepreneur Credit Access Program, we're thrilled to offer holistic support to Black-led businesses, including flexible access to credit, regional teams of specialized account and small business managers, as well as resources within our ecosystem of affiliated organizations.”

A study from Abacus Data suggests that 76 per cent of Black entrepreneurs surveyed said they felt that race made it harder to succeed, citing access to funding, financing, and capital. It also unveiled that Black business owners lack support through the application process and don't receive detailed feedback when their applications are rejected.

Applicants will have access to support from the Black Opportunity Fund, the Federation of African Canadian Economics (FACE), or numerous regional organizations.

The initiative is part of TD's Black Customer Experience Strategy. In September 2021, the bank announced a five-year, $10-million commitment to the Black Opportunity Fund.

Earlier this month, FACE and TD launched a grant program to support Black entrepreneurs.