Less than two months after pledging to take action for racial equality and social justice in the communities TCF Bank serves, the company announced on Friday a $1 billion loan commitment to communities of color and businesses owned by women and people of color.
“Access to capital is critical for the vibrancy of our marketplace but it has been for minority owned and women owned has been more difficult than for white owned businesses.”
That’s Tom Shafer. The President and Chief Operating Officer of TCF Bank. He says in Michigan, the bank’s efforts will focus in Grand Rapids and Detroit.
“It’s a situation where opportunity has been missed and opportunity has been denied and we think that with a focus of this magnitude we can help create opportunity across our market places and we think it’s the right thing to do.”
Shafer says the small business loans of up to $1 million each will ensure access to credit to communities who historically have been denied this access. TCF plans to work with local community development financial institutions funds in application process.