TD Bank has announced a three-year Community Impact Plan that allocates $70 million in funding to Community Reinvestment Act-related (CRA) philanthropy.

The plan, which will direct a total of more than $20 billion toward community development efforts, includes $70 million over the next three years to CRA-related philanthropy, in addition to the bank’s annual giving, with 75 percent of all giving supporting diversely led organizations. The commitment includes the TD Charitable Foundation’s first capacity building fund for organizations with annual budgets of less than $2 million. 

The wider plan also will allocate $10 billion in support of residential lending for low- and moderate-income (LMI) and/or minority borrowers, $7.5 billion in community lending and investment, and $2.8 billion in small business lending.

“At TD Bank, we know our success is tied directly to the people and the communities we serve. When they flourish, we succeed,” said TD Bank president and CEO Leo Salom. “One of our primary objectives as a purpose-driven bank is to help power economic opportunities that help LMI, diverse and underserved communities achieve their financial goals. Our Community Impact Plan is designed to achieve that vital role as we build on TD’s long-term community focus.”

(Photo credit: Getty Images/SolStock)