TD will work with BOF to better understand and address the barriers that Black banking customers face by using insights from BOF. Financial literacy is a hot topic in our community: from how to save more money, how to make more money, and how to plan for our childrens future. We want TD to be the bank of choice for the Black community," Smith says. #WeBackBlack | Black Opportunity Fund (BOF) is a charitable organization dedicated to the socio-economic wellbeing of Canada's Black communities. Project Description:Advocacy in Black communities on elections, elections process, important dates, how and why to get involved. As part of its relationship with BOF, TD is committed to better understand and address the barriers that Black banking customers face by using insights from BOF. You should review the Privacy and Security policies of any third-party website before you provide personal or confidential information. Project Description:Culturally sensitive approach to career preparation, financial literacy and wellness support to Black High School students. Help the Black community to combat the impact of anti-Black racism in Canada. At TD, were committed to celebrating Black communities, customers, and colleagues. The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries. At the same time, through the TD Ready Commitment, TD has contributed a total of $17.5 million in Canada and the U.S. in 2020 to address the immediate and longer-term impacts of racism and advance related goals, including $12.1 million in support of Black-led and Black-focused organizations. Click to reveal As the community grew from 4,000 to 20,000 around the world, we knew we had to take the conversation off-line. If you have an ad-blocker enabled you may be blocked from proceeding. What's more, according to a 2021 report from the Canadian Black Chamber of Commerce, only 30% of Black business owners surveyed felt 'quite' or 'very' comfortable talking to their financial institution about funding options to grow their businesses. Third-party sites may have different Privacy and Security policies than TD Bank US Holding Company. Black Opportunity Fundis committed to help dismantle the impacts of systemic anti-Black racism, by providing funding and helping to build the capacity of Canadian Black led businesses, as well as Black led, Black community serving charities and not for profit organizations. Donate Our fund is designed to be self-sufficient, renewable and accessible for generations to come. A conversation with Craig Wellington, the Black Opportunity Fund's inaugural executive director, on the significance of a $10 million donation by the TD Bank Group to help address historic and systemic barriers faced by Black Canadian entrepreneurs and Black-led community organizations to access vital funding sources. TD Bank Group (TD) has committed CDN $10 million over the next five years to the Black Opportunity Fund (BOF). #BlackFoodEnergy specifically celebrates, amplifies and supports Black Chefs and Black-Owned restaurants and the amazing things they are serving up in neighbourhoods across Canada. We are pleased to be working in collaboration with the Afro Caribbean Business Network (ACBN)who is a trusted community delivery partner with a history of providing capacity building support for Canadian Black entrepreneurs. Learn more. Founders | Black Opportunity Fund BOF Founders Abdul-Aziz Garuba Jr. Posted on 09.16.21 by Bonny van Rest We are happy to share that TD has announced a $10 million commitment to Black Opportunity Fund to help fund and empower Black-led businesses and community organizations in Canada. Talk to us about ourpersonalorbusinessbanking relief options. Originally published at td.mediaroom.com.TD Bank ranked No. Further, 17% of Black Canadian respondents said they were unable to cover the cost of their necessities in the months following the onset of pandemic. Black Opportunity Fund (BOF) aims to help dismantle the impacts of systemic anti-Black racism by allocating resources to community organizations which undertake initiatives that impact the quality of life in Canada's Black communities. To report a factual error in this article. As part of the new Strategy, the Bank's Diverse Business segment teams are being expanded with a focus on working to create better relationships with Black communities and businesses. The fund will broadly prioritize initiatives around education, healthcare, youth, women, social justice, immigration, technology, entrepreneurship, and government that impact the quality of life in the Black community. In September 2021, TD announced a $10 million, five-year commitment to the Black Opportunity Fund, one of the largest contributions in Canada to a . It's really [about] bringing that awareness to the level of creativity within the Black community and having opportunities for business owners to showcase their talent, product or service and having that amplified. So absolutely, funding is a huge part of any business success, and unfortunately the lack thereof creates a barrier for businesses and impedes their growth," she says. "Our long-standing relationships with various Black community leaders and professional associations have provided us with invaluable insights on how we can better serve our diverse communities," said Al Ramsay, Vice President for the LGBTQ2+ and Black Customer Segments at TD. Most importantly, now Im able to pass these financial literacy skills down to my own children. TD had CDN$1.7 trillion in assets on July 31, 2021. Project Description:Provide a safe space and mental health support and resouces for Black youth and artists to learn and talk about mental health/wellness. 190.92.157.254 Project Description:The project will increase its collection of illustrated reading books offered to Black parents free, as they teach their children to read and help them develop the foundational reading skills. Tony is joined by Colin Lynch, Managing Director and Head of Global Real Estate Investment for TD Asset Management, to talk about the Black Opportunity Fund.. . Established in 2020, BOF was founded and is led by a team of diverse Black Canadian professionals to help establish . I think right now is the best time to start a business because we have so much support," he says. After launching roughly three years ago, Walker's main focus for the business has been on innovation and trying to scale to become one of the largest mobile mechanic companies in Canada. TORONTO, Sept. 16, 2021 /CNW/ - TD Bank Group (TD) announced today a CDN $10 million commitment over the next five years to the Black Opportunity Fund (BOF). Investing in BOF has a ripple effect. Supporting Black entrepreneurs through the Black Opportunity Fund | TD Stories In 2021, TD announced a CDN $10 million commitment to the Black Opportunity Fund, a Black-focused, Black-led and Black-serving organization (a) Must be organized as a sole proprietorship, partnership, or incorporated/continued under a relevant Canadian federal or provincial corporate statute governing business corporations If a sole proprietor, must: (ii) be over 18 years of age at the time the loan application is submitted; and, (iii) be a Canadian citizen, Permanent Resident or Convention Refugee*, with a legal right to work in Canada. This is an important commitment, as research has shown that members of Black communities in Canada face a number of challenges relating to employment and entrepreneurship, compared to non-racialized communities. TD Bank Group recently announced a $10 million commitment over the next five years to the Black Opportunity Fund (BOF). This donation is among the largest . We had to be strategic and reallocate our resources to help mitigate unforeseen exposures to remain stable.". Explore banking options for newcomers, like chequing accounts, savings accounts, and international money transfers. Please disable your ad-blocker and refresh. TORONTO, Oct. 27, 2022 /CNW/ - The Black Opportunity Fund (BOF) announces the Black Entrepreneur Loan Program, an inclusive lending program for Black entrepreneurs. TORONTO, Sept. 16, 2021 /CNW/ - TD Bank Group (TD) announced today a CDN $10 million commitment over the next five years to the Black Opportunity Fund (BOF). With the onset of the pandemic and the level of anti-Black racism we have seen over the last couple of years, it became evident to us that as a bank, we needed to do more for our customers, the community and our colleagues as well," said Camesia Smith, GTA Regional Manager for the TD Black Customer Experience Strategy. "Black Opportunity Fund is pleased to accept this incredible show of confidence in our mission and objectives from one of North America's largest Banks," said Craig Wellington, Executive Director of Black Opportunity Fund. Black History isn't made in one month out of the year. Many Black businesses lack generational wealth or family and friends with capital, making traditional bank adjudication processes involving collateral, personal guaranteesand minimum credit scores a problem. This donation is among the largest contributions in Canada to a Black-focused, Black-led and Black-serving organization.. To learn more about the Black Opportunity Fund, please visit www.blackopportunityfund.ca. This donation is among the largest contributions in Canada to a Black-focused, Black-led and Black-serving organization. TORONTO, Sept. 16, 2021 /CNW/ - TD Bank Group (TD) announced today a CDN $10 million commitment over the next five years to the Black Opportunity Fund (BOF). Click the link below to watch the video : https://youtube.com/shorts/2dFelFZmQ80?feature=share, Project Description:Market expansion and branding, Project Description:Upgrading restaurant interior, Project Description:Technology improvement, Project Description:Upgrading cooking equipment. Project Description:Skills Building Series incubation program to provide training, mentorship and skills development for Black youth, students and entrepreneurs. [1] The Financial Impact of COVID-9 on Diverse Communities in Canada, 2020. CHERRY HILL, N.J., June 2, 2021 /PRNewswire/ -- Today, TD Bank, America's Most Convenient Bank (AMCB), announced the establishment of a $100 million equity fund in support of minority-owned. We are happy to share that TD has announced a $10 million commitment to Black Opportunity Fund to help fund and empower Black-led businesses and community organizations in Canada. Both organizations are committed to reducing systemic bias and discrimination and believe that this work will help the Bank to build a more inclusive culture and support the specific needs and financial aspirations of Black communities across Canada. Asset Management, and co-founder of the Black Opportunity Fund. These are just some of the reasons why TD launched the Black Customer Experience Strategy last fall, in order to help strengthen the financial services and support provided by TD to Black communities. By providing workshops; financial literacy summits taught by Black professionals to make sure that that information is culturally relevant, members like Odessa can use that information to grow and thrive. Project Description:Black Youth outreach in aviation industry awareness. With their ongoing commitment to helping level the playing field for Black entrepreneurs, DoorDash partnered with Black Opportunity Fund to provide #BlackFoodEnergy grants of $10,000 to 13 Canadian Black-Owned Restaurants who are focused on innovation within the food industry. During the pandemic, on the landscape was changing quickly," he says. In addition to its financial contributions, TD intends to provide its people the opportunity to harness their passion and talent to support the work that BOF is leading. TD's financial commitment will also be applied to BOF's endowment fund, designed to support the long-term sustainability and permanency of the Fund. Black Opportunity Fund in partnership with TD is proud to announce our initial granting cycle, beginning with grants for Education and Health focused | 14 comments on LinkedIn The same study showed that 60% of Black entrepreneurs have not applied for any type of funding, with reasons ranging from a lack of awareness to not meeting funding eligibility requirements. Third-party sites may have different Privacy and Security policies than TD Bank Group. Learn more about our commitment to diversity and inclusion. In August of 2021, Smith volunteered to help judge a pitch competition for Black business owners who had been impacted by the COVID pandemic. You are now leaving our website and entering a third-party website over which we have no control. With diversity and inclusion at the heart of our values, were committed to driving positive, sustainable change, for Black Customers, Communities, and Colleagues. Your IP: Applicants can also work directly with TD's Black Customer Experience Team which can support entrepreneurs in navigating the Bank and can make connections to organizations that TD supports via funding, such as the Black Opportunity Fund (BOF), the Federation of African Canadian Economics (FACE), or numerous regional organizations. https://blackopportunityfund.ca/funding-programs/black-entrepreneur-program/, Black business owners are disproportionately rejected in loan applications (only 31% of Black businesses receive all funding applied for vs 49% for White businesses; and 38% of Black businesses receive none of the funding applied for), COVID-19 has resulted in a 41% decline in Black businesses (vs. only 22% for non-Black businesses). Support the Black Opportunity Fund by committing $10 million for the next 5 years, while working with Black businesses, philanthropists and foundations to help address Anti-Black racism. 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 . Built on the understanding that a significant number of Black-focused, Black-led and Black-serving organizations continue to be under-resourced and under-funded in Canada, the work of BOF directs stable and long-term financing and resources into the community. About Black Opportunity Fund The Black Opportunity Fund is a dynamic partnership between philanthropists, foundations, businesses and the Black community to combat the impact of anti-B lack racism in Canada. This donation is one of the largest contributions in Canada to a Black-focused, Black-led and Black-serving organization. TD Wealth Financial Planning develops and implements a financial plan for individual clients. You are now leaving our website and entering a third-party website over which we have no control. Smith said the contribution TD made to the BOF, as well as the work of her team, are all part of the Bank's commitment to helping dismantle the systemic issues that continue to prevent Black people from being able to reach their financial goals. AT TD, we're on a journey to help build an inclusive future for everyone. At TD Wealth, whether you invest yourself or benefit from the knowledge provided by your advisor, you gain access to some of the industry's most highly regarded investment analysts, economists and market strategists. And were proud to support Black Moms Connection through the TD Ready Commitment. (iii) unable financially to provide a guarantee to or offer collateral on a loan for the applicant. Generate qualified leads that result in new business for the bank. Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of the third-party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites. Grants for Education and Health focused Initiatives Through these initiatives, TD is proud to continue to help drive progress toward a more inclusive, equitable tomorrow harnessing the scale of its business, philanthropy, and people. Through extensive research and consultation, BOF recognizes the significant pain points faced by Black entrepreneurs who attempt to pursue business education and capacity-building support programs, as they have to sacrifice valuable time and related revenue from operating their businesses, or from ancillary employment to pursue these courses.