Toronto-Dominion Bank Announces $20 Billion Community Impact Plan
In a recent announcement, Toronto-Dominion Bank unveiled its ambitious three-year community impact plan. The plan sets a target of $20 billion to support underserved and diverse communities across the United States.
Focus on 15 States and Washington, D.C.
Toronto-Dominion Bank will concentrate its efforts on communities in 15 states and Washington, D.C. This comprehensive plan aims to address various aspects, including lending, banking access, philanthropy, and other activities.
Residential Loans and Liquidity
One of the key objectives of the plan is to provide $10 billion in residential loans and liquidity to the residential lending market. Priority will be given to first-time homebuyers and low- to moderate-income borrowers. Specifically, Toronto-Dominion Bank aims to extend support to minority borrowers and those residing in lower-income census tracts. This initiative will primarily focus on areas such as Boston, Baltimore, Washington D.C., New York, Miami, and Philadelphia.
Community Lending and Investment
Toronto-Dominion Bank also intends to dedicate approximately $7.5 billion to community lending and investment. By providing financial assistance to smaller businesses with an annual revenue of less than $1 million, the bank aims to foster economic growth and development.
Philanthropic Initiatives
As part of its commitment to community reinvestment, Toronto-Dominion Bank plans to allocate $70 million towards philanthropy over the next three years. These funds will be designated for initiatives related to the Community Reinvestment Act.
Promoting Accessibility
Toronto-Dominion Bank has prioritized making banking more accessible for all individuals. It intends to establish around 15 million locations in low- to moderate-income or majority-minority markets. However, these plans are subject to regulatory approvals. Additionally, the bank will be opening community-centered stores to further enhance accessibility.
For more information, please contact us at TD Bank Website.
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