TD Bank Group (TD) is accepting applications from charitable and non-profit organizations for the 2024 TD Ready Challenge $1 million grant program.
This year, TD invites eligible charitable and non-profit organizations to submit proposals for innovative solutions that support underserved small business owners in developing, launching, or growing their businesses. There will be 10 grants awarded.
“Small businesses are a crucial part of resilient communities and contribute to strong local economies by helping to drive job growth, innovation and business diversity,” said Mushtak Najarali, TD Senior Vice President for Sustainability, Strategic Sourcing and Enterprise Real Estate in a company statement.
“Despite their critical role, within their first five years roughly 40% of businesses in Canada fail, and in the U.S. an astounding 50% fail,” Najarali said.
Data from the U.S. Senate Committee on Small Business and Entrepreneurship shows that the situation is even harder for those in underserved communities who often face systemic barriers when starting or growing a business, he added.
“With the 2024 TD Ready Challenge, we aim to support innovative solutions developed by charities and non-profit organizations that can help cultivate a more supportive entrepreneurial landscape across our footprint,” Najarali said.
Through this year’s challenge, TD is seeking to support novel strategies, technologies or partnerships that have the potential to help underserved entrepreneurs, especially those in industries such as the arts that are still recovering post-pandemic.
Applications must be submitted through the online portal and are due by 4 p.m. Thursday, Sept. 5.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centers around the globe.