Philadelphia will benefit from a $20 billion investment TD Bank is providing through its three-year Community Impact Plan to support lending, philanthropy, and banking access in diverse and underserved communities throughout the United States.
“We are excited to engage with TD Bank’s positive energy to invest in our community,” Will Gonzalez, executive director of Ceiba, Philadelphia. a coalition of Latino community-based organizations, said. “The framework of cooperation that their initiative aims to achieve is a win-win situation for all.”
“Since 2022, the Housing Counseling Action Committee, a coalition comprising housing counseling organizations, and TD Bank in Philadelphia have maintained an ongoing, constructive dialogue aimed at addressing the needs of the community and formulating responsive solutions,” Kenneth Bigos, Affordable Housing Centers of Pennsylvania executive director and chairman, said “From the inaugural meeting onward, TD Bank committed to serve as a cornerstone partner in the CONVERGENCE Philadelphia initiative, agreed to open new bank branches in majority-minority communities, increased the number of community development loan officers, and increased the lender credit offered to eligible first-time homebuyers.”
TD Bank will provide $10 billion in residential loans and liquidity, $2.8 billion in credit to businesses with less than $1 million in annual revenue, and $7.5 billion in community development loans and other investments.