TD Bank’s $20B plan builds Philly communities with local investment.

TD Bank has announced a $20 billion, three-year community impact plan aimed at benefiting diverse and underserved communities across its footprint. The plan includes special commitments to Philadelphia, but the bank did not disclose how much funding the region would receive. The plan focuses on six core initiatives: residential lending, small business support, community development loans and investment, community reinvestment act-related philanthropy and sponsorships, banking access, and the creation of a community advisory council. TD Philadelphia regional president, Rob Curley, stated that half of the funding will be allocated to residential lending, with a focus on first-time homebuyer and home equity loans. The focus of the small business support will be micro businesses that produce less than $1 million in annual revenue. The community development lending and investment will primarily be targeted at nonprofit organizations that provide affordable housing. TD has also committed to opening 15 new branches in low- to moderate-income communities and/or majority-minority areas. The bank has already applied and received approval for two such branches in Philadelphia. Curley stated that part of the branch initiative is to build community-centered branches that provide space for financial literacy workshops and community initiatives.