TD Leads the Way in Building Better Relationships with Black Businesses and Community Leaders

BY SIMONE J. SMITH

One of Martin Luther King Jr’s notable quotes regarding wealth in Black communities is from his speech “Where Do We Go From Here?” delivered at the Southern Christian Leadership Conferences 11th Annual Convention on August 16, 1967. In this speech, he emphasized the importance of economic empowerment and financial equality for African Americans.

Unfortunately, over the years, financial inequality has become a complex and multifaceted issue that exists in various communities worldwide, including the African Caribbean community in Canada.

Historically, systemic discrimination and racism have limited opportunities for economic advancement within minority communities. Unequal access to quality education contributes to these economic disparities, as well as limited access to financial education and resources.

There is significant entrepreneurial enterprise among the African Caribbean community, and this prevalence is met with its own set of challenges that starts with securing funding or expanding your business; this is the first hurdle.

African Caribbean entrepreneurs face barriers in accessing traditional sources of financing due to factors such as: access to generational wealth, systemic biases, which in turn affect credit history. Availability and awareness of support programs, mentorship opportunities, and business development resources may not be equally distributed, and some entrepreneurs may encounter challenges related to regulatory processes and policies that disproportionately affect minority-owned businesses.

Addressing financial inequality in the African Caribbean community in Canada requires a comprehensive approach that includes: policy changes, anti-discrimination measures, educational reforms, and initiatives to promote economic empowerment. TD recognizes the systemic barriers faced by Black communities and is aiming to address systemic bias through its Black Customer Experience Strategy.

TD has had a long-standing history of supporting minority communities dating as far back as 2004, and in 2020, TD contributed $17.5 million towards anti-racism initiatives including $12.1 million in support of Black-led and Black-focused organizations throughout 2020.

Following the murder of George Floyd in 2020, TD accelerated its launch of the Black Customer Experience segment. It was an idea that was already in the works, but ​​George Floyd’s murder gave it the much-needed impetus and the segment was launched in 2021 with the mandate of delivering the entire bank – from everyday banking, to credit, wealth advice and financial literacy – to black communities across Canada.

In 2021, TD launched the Black Community Business Development team and in 2021, they supported the Black Opportunity Fund by committing $10 million over five years, while working with: Black business, philanthropists, and foundations to help address anti-black racism. Recently, TD launched the Black Entrepreneur Credit Access Program (BECAP), which provides access to credit to Black entrepreneurs to a maximum of $250,000.

I had an opportunity to discuss some of these initiatives with Clifton Flushy, National Manager, Black Community Business Development, TD Bank Group. In our discussion, Clifton went into detail about the role his team plays in working with African Caribbean communities, and the positive relationship that TD has developed with the African Caribbean community. My first inquiry was about the dedicated approach that TD has taken to better understand the nuances of African Caribbean businesses and communities.

“TD’s approach to building a better relationship with Black communities is rooted in its establishment of a dedicated team of professionals and the desire to improve financial literacy skills and equitable access to the bank,” Clifton shares. “Regional Managers across the country are focused exclusively on supporting the banking needs of members of Black communities across Canada. We want to help. TD has provided funding to several community organizations, like the Black Opportunity Fund, who then support to Black entrepreneurs.”

“What is one way that TD empowers the Black community to make better informed financial decisions?”

“Providing access to credit is a critical component of financial inclusion. Through the Black Entrepreneur Credit Access Program, TD’s aims to improve financial inclusion by providing access to credit for Black entrepreneurs. In addition, financial literacy and access to financial advice that makes a true difference for business owners, is a core tenant of TD’s Black Customer Experience Strategy.”

I was able to follow up this informative interview with a business owner who had an opportunity to successfully engage with TD’s initiatives.

Adeola Fatuga is the Director at HommeSpaFemme (http://www.hommespafemme.com/) a full-service salon specializing in men’s: urban cuts, loc creation and maintenance, natural hair care, colour, and hair extensions. She shared with me the positive impact TD has had on her business.

“My overall experience with TD in securing financial assistance for HommeSpaFemme has been positive. TD has shown a commitment to supporting my diverse business, and their initiatives have played a crucial role in the continued success of my salon.”

“Before this experience, can you share the unique challenges, or opportunities you faced as a Black business owner in the process of obtaining financial assistance?”

“There were many disparities in having access to funding,” Adeola explains. “My prior experience in the general banking space was always one that was met with systemic bias. Whether it was just depositing a cheque, or applying for a loan, there was always a hint of suspicion as to whether my motives were above board. The bias that I was met with impacted my ability to secure financing, thus inhibiting the growth of my business.”

“Could you share with our readers how you prepared for the application process, and what advice you would give to other Black entrepreneurs seeking financial support?”

“One of the first things that I did was ensure that my business documentation  was in order. I created a comprehensive business plan that outlined a pathway to success and the impact it would have on the community. My advice to other Black entrepreneurs seeking financial support would be to talk with your TD advisor, they will give you the road map needed to successfully secure funding. As well, be well prepared to articulate the value of your business, and do not be afraid to seek out mentorship from those who have successfully navigated a similar process.”

It is extremely important for banks to actively promote diversity and inclusion within their lending practices and business support programs. Besides it being ‘the right thing to do,’ it also makes both ethical and fiscal sense to bring unique perspectives and innovations to the market. Banks can play a crucial role in empowering Black-owned businesses and building stronger communities.

TD’s support of the African Caribbean community has become integral to fostering economic growth, reducing inequalities, and building a more inclusive and resilient society. Supporting the African Caribbean community is not only an economic necessity, but also a social responsibility. TD continues to have a positive impact by actively engaging in initiatives that address social issues and promote equality.