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How TD is helping Black entrepreneurs and women in business across Canada

Finance, budget and black woman with documents, paper and financial review for company startup. Accounting, corporate or girl worker reading report for planning, kpi strategy and data analytics
Photo via Getty Images (Marco VDM via Getty Images)

There’s no such thing as one-size-fits-all advice for small business owners. Every business, and entrepreneur, faces unique challenges—which is why it’s crucial to have access to advisors who understand both you and your business, and can provide tailored advice.

Gaining access to this advice, however, can sometimes be an obstacle for diverse groups such as Black entrepreneurs and women business owners. TD recognizes the issues that these groups and many others face when launching, or managing, a business, and is invested in helping entrepreneurs succeed and thrive.

As with any diverse group, Black and women small business owners face a set of different, yet equally important challenges, ones which require tailored solutions. Read on to see a few examples of how TD is working to make a difference for Black entrepreneurs and women in business across Canada.

Backing Black-owned businesses

Successful black man who is wearing an apron and standing in front of a door. He is a young and confident owner, entrepreneur or worker who is smiling, looking or working for his small business.
Photo via Getty Images (Andrii Zastrozhnov via Getty Images)

The TD Black Customer Experience Team aims to support Black business communities, including helping Black entrepreneurs bridge the gap between business aspirations and business ownership. Comprised of Regional Managers who are deeply embedded in the communities they serve, the team is dedicated to supporting the banking needs of Black communities.

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TD is committed to supporting Black entrepreneurs through programs and initiatives like the Black Entrepreneur Credit Access Program, a lending program designed to provide equitable access to financing, support and financial education for Black-owned businesses. Designed to help foster economic inclusion and help Black business owners drive their businesses forward, the Program also offers dedicated support and resources via specialized Account Managers and Black Customer Experience regional teams as part of TD's Black Customer Experience Strategy.

“Economic progress is key to reversing the impacts of systemic racism and bias. We must therefore bring more of the Bank – from credit to advice – to Black and diverse businesses and individuals,” explains TD Bank Group President and CEO Bharat Masrani. “That's why we have expanded our Diverse Business segment teams with a new dedicated focus on Black communities and businesses. The teams are staffed, funded, and trained to support these communities and their specific financial aspirations and needs.”

Ensuring women entrepreneurs feel seen

Happy young business woman communicating with her clients over the phone, as she works from an office.
Photo via Getty Images (Jordi Salas via Getty Images)

When you’re driven to succeed, you won’t let anything stop you from achieving success. But that doesn’t mean barriers don’t exist. And in order to help break down these barriers, we first have to acknowledge them—which is why TD is also working to increase support for women-owned businesses.

To help address this, TD has a dedicated Women in Enterprise team focused specifically on women-owned and women-led businesses. As part of this strategy, select TD Business Banking colleagues across the country have undergone additional training to be internally accredited as a TD Women in Enterprise Banker. This includes unconscious bias training with a focus on the experiences of women entrepreneurs, becoming familiar with resources available to women entrepreneurs (other than funding) and developing relationship skills to meet the needs and expectations of women entrepreneurs.

The mission of TD Women in Enterprise is simple: to facilitate the success and growth of women-owned and women-led businesses. Confidently building your business takes sound banking advice, the right products and services, plus guidance to the helpful connections, tools and resources. This is executed by sponsoring outside workshops, connecting women to networking and mentorship opportunities, and enabling a guided and supported financing journey.

Additionally, as women-owned businesses can sometimes face obstacles accessing funding, TD connects its clients to Fundica, a free AI-powered search engine that matches businesses with relevant government funding programs.

Investing in a more diverse future

Startup successful small Beautiful American African owner sme with tablet in coffee shop restaurant, hands up in winner is gesture, Happy to be successful celebrating achievement success.
Photo via Getty Images (Jirapong Manustrong via Getty Images)

With specialized teams dedicated to providing Black- and women-owned businesses with tailored advice and support, TD continues to work to foster diverse businesses in Canada. It’s all part of the effort the Bank is making to help small business owners succeed and thrive.

With banking advice for every stage of your business, learn more about how TD Small Business Banking can help.

Visit the Yahoo Canada x TD Small Business Banking Hub for more.