TD Bank’s recent pledge to boost lending to minority-owned businesses comes as a recent report from the Federal Reserve Bank of New York found that many Black-owned businesses, many of which lacked existing relationships with traditional banks, leaned harder on fintechs and nonbank lenders to secure Paycheck Protection Program (PPP) loans.
Michael Innis-Thompson, TD’s head of community lending and development, told American Banker the bank aims to become “the bank of choice for Black and Latin borrowers.”
