Helping Small Business Owners Contribute to Economic Recovery
In many communities, small businesses are the lifeblood of the economy. That’s why TD consistently stands behind these vital enterprises. Our support for small business includes access to financing, specialized services and advice, and education.
Access to Financing
Here are highlights of our financing initiatives in Canada:
- We continued our participation in the federal government’s Canada Small Business Financing Program. Businesses with annual revenue of $5 million or less can apply for loans up to $500,000 to finance up to 75% for equipment and leaseholds and 90% of property purchases.
- We offered more financing opportunities for small business owners looking to own their own property. TD Canada Trust provided financing up to 75% loan-to-value and allowed for a rental component of up to 50%.
- We continued our participation in the Canadian Agricultural Loans Act (CALA) program that gives farmers easier access to credit. This program provides up to $500,000 in financing for land purchases and the construction or improvement of buildings, and up to $350,000 for all other financing related to agriculture (including equipment, livestock, repairs, etc.).
We offer educational tools and resources to help small business owners. In 2010 Craig Alexander, Chief Economist, TD Bank Group, presented an economic outlook to a group of small business owners. View the video here.
Throughout the year, TD sponsored various small business events in the community. During Small Business Week in October 2010, for example, we sponsored and/or participated in approximately 70 events across Canada.
During Small Business Week, TD also announced a $600,000 donation to the Canadian Youth Business Foundation to support entrepreneurs in Quebec. This program contributes to economic recovery in Quebec through engaging youth in business and helping to rebuild communities. After three years, the project is expected to have enabled 97 start-ups, creating 251 jobs.
The Vermont Small Business Development Center’s (“VT SBDC”) training program Listening to Your Business was created to help small businesses in Vermont cope with and hopefully survive the recent economic downturn. TD Bank employees taught the four-hour workshops throughout locations in Vermont to help small business owners work through the process of assessing their current situation and creating strategic plans to carry them through to better economic times. The TD Charitable Foundation provided a USD$10,000 grant to cover the cost of program materials.
TD Bank employees supported 24 small business workshops, providing the opportunity for 332 small business owners to learn about preparing a business plan, financing their new businesses, cash flow analysis and, most recently, surviving a bad economy.