TD Charitable Foundation Announces $5 Million Investment in Innovate Capital Growth Fund

TD Charitable Foundation, TD Bank's philanthropic division, has unveiled its maiden Mission Related Investment of $5 million in the Innovate Capital Growth Fund. The ICGF is a Small Business Investment Company (SBIC) backed by a non-profit organization. Its primary agenda is to facilitate growth equity for businesses that are minority-led or run by women in the Mid-Atlantic region, particularly Greater Philadelphia. This makes TD Charitable Foundation the most significant financial institution investor of the fund.

TD Bank's connection with The Enterprise Center is further solidified through this investment in ICGF, given the foundation's mission, guidelines, and the TD Ready Commitment. The ICGF invests growth equity capital into minority and women-held lower middle-market companies, offering both operational expertise and capital throughout the development stages of the companies in its portfolio.

Shelley Sylva, Head of U.S. Corporate Citizenship at TD Bank, highlighted her enthusiasm about the Foundation's investment in a fund aimed at advancing women-owned and minority-led businesses. She emphasized that this first mission-related investment opens up new funding channels down the line and increases financial stability prospects for small businesses in the Mid-Atlantic and Greater Philadelphia area.

Della Clark, The Enterprise Center's President and a founding partner of Innovate Capital, noted that their fund was created with the express interest of aiding businesses operated by minorities and women. These entities often have difficulties accessing the SBA's SBIC program. She expressed anticipation for the opportunity to aid these businesses during their most crucial survival and success phase, hailing their burgeoning relationship with the TD Charitable Foundation.

The TD Foundation plans to use funds from this investment to support ICGF’s initiatives to enrich the lives of the bank's customers, employees, and communities through the TD Ready Commitment. Through this commitment, TD Bank aligns its business, philanthropy, and human capital to empower individuals, not just from a financial perspective, but also by helping them reach their personal goals in an evolving world.