CommunityWorks selected to receive $1M investment from TD as part of their $100M equity fund in support of minority-owned small businesses

June 5, 2022

CommunityWorks was selected as a Community Development Financial Institution (CDFI) to receive an investment from TD Bank as part of its Equity Fund to support minority-owned small businesses. CommunityWorks received a $1M investment and was the only organization in South Carolina selected. CommunityWorks serves small businesses and affordable housing developers through a variety of lending and coaching programs. As of 2021, 70.3% of CommunityWorks clients are female, approximately 80% of CommunityWorks’ small business coaching and lending clients are minorities, and in total, 70% of CommunityWorks’ clients are African American.

CommunityWorks plans to increase access to financial products for minority-owned businesses and developers with the help of TD’s investment. The tailored loan products CommunityWorks offers range between $900 and $250,000 to support businesses and loans of up $500,000 for small and minority affordable housing developers. Along with loan products, CommunityWorks provides unique coaching and technical support to entrepreneurs based on their needs. The CommunityWorks Women’s Business Center and financial wellness coach go above and beyond to help individuals succeed in their field.

“TD has been a long-time partner of CommunityWorks with a strong commitment to supporting underserved entrepreneurs and communities through investing and volunteer service,” said Tammie Hoy Hawkins, CEO of CommunityWorks. “This generous investment will allow us to expand our reach to serve more minority entrepreneurs in the Upstate and across South Carolina through lending and support. Together we will work to increase economic opportunities for diverse businesses.”

“TD is proud to support CommunityWorks through this meaningful investment, which will not only increase critical access to capital, but also provide technical assistance for minority-owned small businesses in South Carolina,” said Michael Innis-Thompson, Head of Community Lending and Development at TD Bank. “Small businesses, particularly those that are underserved, help our communities thrive through job creation, economic development and revitalization. By investing in them, TD and CommunityWorks are reaffirming our shared commitment to advance racial and gender equity while creating a more inclusive economy.”