TD Donates $4 Million to Support U.S. Nonprofits Backing Small Businesses
In an era where small businesses are increasingly recognized as the lifeblood of local economies, TD Bank has reaffirmed its commitment to supporting entrepreneurs by unveiling the recipients of its 2024 TD Ready Challenge grants. This annual initiative stands as a beacon of the bank’s dedication to fostering sustainable, inclusive economic growth, particularly for vulnerable and underserved communities.
This year, the TD Ready Challenge placed a strategic emphasis on empowering small business owners who have historically faced systemic barriers to growth and success. The 2024 grant cycle focused on identifying and supporting innovative solutions that tackle these barriers head-on. Each selected nonprofit organization has been awarded a substantial $1 million grant to implement their unique programs, each designed to help level the playing field for small business owners who often lack access to essential resources and capital.
The Essence of the TD Ready Challenge
The TD Ready Challenge was launched as part of the broader TD Ready Commitment, a multi-faceted corporate citizenship platform that reflects TD Bank’s belief in contributing to more inclusive, sustainable, and resilient communities. Each year, the Challenge presents a different problem statement to guide applicants, encouraging nonprofits to develop programs addressing specific societal needs. Over the years, topics have ranged from affordable housing and healthcare access to combating pandemic-related learning loss.
For 2024, TD Bank zeroed in on a critical yet often overlooked segment: underserved small business owners. These entrepreneurs, many of whom are women, minorities, immigrants, or come from low- to moderate-income backgrounds, frequently encounter disproportionate obstacles in accessing capital, training, mentorship, and technology.
“Small businesses serve as the heart of our communities, but in a rapidly evolving economic landscape, they face a myriad of challenges to remain competitive and grow their businesses,” said Paige Carlson-Heim, U.S. Head of Social Impact at TD Bank. “Through the TD Ready Challenge, we are honored to play a role in supporting organizations that develop lasting solutions that empower entrepreneurs, strengthen our communities, and create a more accessible landscape for underserved entrepreneurs. Their solutions have incredible potential, and I look forward to seeing their impact for years to come.”
2024 Grant Recipients and Their Initiatives
The 2024 TD Ready Challenge attracted numerous applicants, each presenting bold ideas to support small business owners across TD Bank’s operational footprint in North America. After a comprehensive review process, four standout organizations were chosen for their innovative, scalable, and community-driven solutions:
1. Hot Bread Kitchen (New York City, NY)
Hot Bread Kitchen is a New York City-based nonprofit that has long been committed to creating economic opportunities for women and minority entrepreneurs through the power of food. Their approach is centered around equipping individuals, many from immigrant and low-income backgrounds, with the skills, mentorship, and financial tools needed to succeed in the culinary industry.
With the $1 million grant from TD Bank, Hot Bread Kitchen will expand its food entrepreneurship programs, offering comprehensive business development resources, workshops, and direct support from seasoned business advisors. This hands-on assistance will help participants formalize and grow their food-related businesses while ensuring they have access to critical business acumen and networks that might otherwise be out of reach. By focusing on food entrepreneurship, Hot Bread Kitchen taps into an accessible and culturally relevant pathway to economic mobility for underserved populations.
2. PA CDFI (Pennsylvania)
The Pennsylvania-based Community Development Financial Institution (PA CDFI) has a proven track record of supporting underserved entrepreneurs by improving access to capital and fostering financial inclusion. Their new initiative, fueled by the TD Ready Challenge grant, will integrate technology solutions, personalized coaching, and innovative financial tools to break down barriers facing small business owners.
Particularly focusing on minority-owned and low- to moderate-income businesses, PA CDFI’s program will help entrepreneurs strengthen their financial literacy, improve their creditworthiness, and access tailored loan products designed to meet their unique needs. The organization’s holistic approach not only emphasizes access to capital but also supports sustained business growth by providing participants with the knowledge and digital tools necessary to thrive in an increasingly digital economy.
3. Tampa Bay Chamber Foundation (Tampa Bay, FL)
In Tampa Bay, the Chamber Foundation is stepping up to support the region’s minority-owned businesses through a combination of technology-driven solutions and personalized training. The foundation’s new initiative, supported by TD’s $1 million grant, is designed to equip small business owners with the tools they need to foster sustainable growth.
The program will offer tailored accelerator training programs, with a special focus on leveraging artificial intelligence (AI) tools and digital platforms. Participants will receive guidance on how to integrate AI into their business models to streamline operations, improve customer engagement, and enhance decision-making processes. By combining cutting-edge technology with practical business education, the Tampa Bay Chamber Foundation aims to provide minority entrepreneurs with a competitive edge in the modern marketplace.
4. Washington Area Community Investment Funds (Washington, D.C.)
The Washington Area Community Investment Funds (WACIF) will use the TD Ready Challenge grant to build a strategic partnership with Building Bridges Across the River, another nonprofit organization dedicated to fostering equitable development in underserved communities. Together, they will deliver a comprehensive program combining business coaching, financial education, and direct financial services to small businesses in the Washington, D.C. area.
WACIF’s initiative will focus on ensuring that local entrepreneurs, particularly those from historically marginalized communities, receive the one-on-one guidance and access to capital necessary to overcome long-standing systemic barriers. Their work will also include fostering connections within the local business ecosystem, encouraging collaboration and peer mentorship to create lasting community impact.
A Commitment to Long-Term Impact
The 2024 TD Ready Challenge highlights the bank’s broader mission to invest in income stability by supporting skills development and entrepreneurial success. Small businesses play a vital role in fostering local employment, innovation, and community well-being. However, the challenges faced by underserved small business owners—whether related to lack of funding, technological barriers, or access to training—remain significant hurdles.
Through its targeted approach, TD Bank aims to address these inequities. Each of this year’s recipients not only addresses a specific community need but also proposes solutions that have the potential for long-term, scalable impact. The initiatives supported by TD Bank will serve as models for how to empower small business owners in a way that strengthens entire communities.
Furthermore, the TD Ready Challenge aligns with TD’s long-standing strategy of corporate social responsibility. By funding solutions that foster economic inclusion, the bank continues to invest in a future where opportunity is available to all, regardless of socioeconomic background or geographic location.
As the selected organizations put their plans into action, TD Bank remains committed to tracking their progress, learning from their successes, and sharing insights with the broader community to inspire further innovation in the sector. The ultimate goal is to create a more resilient, equitable small business ecosystem where all entrepreneurs—regardless of their starting point—have the resources and support necessary to thrive.
