TD Bank recently announced a three-year community impact plan to provide an estimated $20 billion in support to diverse and underserved communities.
The plan was developed with insight from the National Community Reinvestment Coalition. Its strategy is to target communities across 15 states and Washington, D.C. – including South Carolina.
Hugh Allen, head of U.S. Commercial Real Estate and mid-south metro regional president, explained the community impact plan provides a more focused plan for the community investments that TD already makes.
“Throughout the process, we heard consistent needs across the states: access to affordable housing, access to credit for small businesses and access to banking services are critical issues,” Allen said.
TD Bank’s community impact plan includes:
- $10 billion in support of residential lending for low- and moderate-income and minority borrowers
- $7.5 billion in community lending and investment
- $2.8 billion in small business lending
- $70 million in Community Reinvestment Act-related philanthropy
- Open 15 new bank locations in low- and moderate-income and majority-minority markets
TD Bank does not have specific allocations or goals for any state or city as of now, Allen said. It will be based on need and demand and focus on diverse, low- and moderate-income communities.
“South Carolina has had a lot of in-migration over the past few years, causing major increases in home prices in many areas of the state,” Allen said. “There are also areas that need economic revitalization. While we don’t have specific goals or allocations by state, there is opportunity for South Carolina residents and businesses to benefit.”
Allen explained TD Bank is deeply invested in Upstate South Carolina and has lent and invested in numerous affordable housing projects in the area.
“We show up in small and big ways, from sponsoring Artisphere and the TD Saturday Market in Greenville to providing $500,000 in grants for affordable housing through our Housing for Everyone competition to Upstate Warrior Solution, Homes of Hope and Northside Development Corporation in 2022 and 2023,” Allen said.
Source: upstatebusinessjournal.com
