TD Charitable Foundation Invests $5 Million in Innovate Capital Growth Fund for Minority and Women-owned Small Businesses
MOUNT LAUREL, NJ, Oct. 5, 2023 – TD Charitable Foundation, the charitable giving arm of TD Bank, today announced its first-ever Mission Related Investment (MRI) of $5 million to Innovate Capital Growth Fund (ICGF) – the first equity investment made by the Foundation. ICGF is a new non-profit sponsored Small Business Investment Company (SBIC) focused on providing growth equity to minority and women-owned businesses in the Mid-Atlantic, with a focus on the Greater Philadelphia area. To date, the Foundation is the fund's largest financial institution investor.
“The TD Charitable Foundation is thrilled to be investing in a fund focused on helping to grow and strengthen minority and women-owned small businesses of Philadelphia and the Mid-Atlantic region," said Shelley Sylva, Head of U.S. Corporate Citizenship at TD Bank. "This investment is particularly exciting because it's the first mission-related investment made by the Foundation and opens up new funding opportunities moving forward. We're not only aiming to increase financial security for small businesses across Philadelphia and the Mid-Atlantic region, the investment creates opportunity to generate additional revenue for the Foundation to redirect to other philanthropic endeavors in the future."
ICGF invests growth equity capital in minority and women-owned lower middle market businesses and offers expertise in operations, while bridging capital throughout the development stages of a company's portfolio. The investment by TD Charitable Foundation builds upon an existing relationship between TD Bank and The Enterprise Center – the non-profit responsible for founding the ICGF— and deeply aligns with the Foundation's mission, policies and the TD Ready Commitment, the Bank's corporate citizenship platform.
"Our fund was designed to help minority and women-owned businesses who have historically had a more challenging time accessing the SBA's SBIC program by providing capital for them to scale operations and unlock generational wealth for themselves," said Della Clark, President of The Enterprise Center, and a founding partner of Innovate Capital. "Our relationship with the TD Charitable Foundation will allow us to bridge the gap for minority and women-owned businesses during a time that is most critical to their survival and future success, and I couldn’t be more excited."
The TD Charitable Foundation dedicated funds to supporting efforts made by ICGF as a part of its long-standing commitment to enriching the lives of the bank's customers, colleagues and communities through the TD Ready Commitment, TD Bank's corporate citizenship platform. TD works closely with key organizations and leaders to learn about pressing challenges in the community and how to address them through the TD Ready Commitment approach – by way of philanthropic opportunities in four critical areas: financial security, vibrant planet, connected communities and better health.
Proceeds earned from this investment will be redirected for other charitable purposes by the Foundation. Through the TD Ready Commitment, TD aspires to link its business, philanthropy and human capital to help people feel more confident – not just about their finances, but also in their ability to achieve their personal goals in a changing world.