TCF Bank to provide $1B in loans to women & minority-owned small businesses

Posted at 9:33 AM, Jul 23, 2020
and last updated 2020-07-23 18:02:06-04

(WXYZ) — TCF Bank announced Thursday that it is giving $1 billion in loans to minority- and women-owned small businesses.

According to TCF, there will also be a $10 million grant program that will assist low-to-moderate income home buyers. The programs are among a 5-year plan that Detroit Mayor Mike Duggan secured from major corporations.

“While small businesses drive the economy and are the backbone of our neighborhoods, minority-owned and women-owned small businesses have historically had a more difficult time obtaining loans than their white and male counterparts. We recognize the crucial need for change, and as a bank committed to strengthening individuals, businesses, and communities, we are inspired to help these business owners create wealth and pursue their dreams,” said TCF Executive Chairman Gary Torgow. “Last month, we joined Mayor Duggan and other business leaders in Detroit and pledged to do our part to fight racism, bigotry and inequality in this country. Today, we take another step in our journey to help create a more equitable future for all.”

The small business loans will be up to $1 million each across Detroit, Minneapolis/St. Paul, Chicago, Cleveland, Grand Rapids and other key cities.

The Heart and Home program will also provide grants up to $3,000 each to help cover closing costs. It will not need to be paid pack and is available to people
who earn less than 80% of the median income in the area, or purchase homes in a low-to-moderate income census tract.

“When people own their homes, it builds the neighborhood, provides stabilization and strengthens the community. We recognize that access to funds for a down payment is the single largest hurdle to home ownership, and our hope is this grant will provide a pathway to home ownership for more people,” said CEO Craig Dahl. “As people and communities look to recover from the impacts of the COVID-19 pandemic, we recognize that now, more than ever, we can make a difference and help our customers through these challenging times.”

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