Detroit-based TCF Bank on Thursday announced a $1 billion, five-year loan program for minority and women-owned businesses. It also will offer $10 million in grants for assist low-to-moderate-income home buyers.
“While small businesses drive the economy and are the backbone of our neighborhoods, minority-owned and women-owned small businesses have historically had a more difficult time obtaining loans than their white and male counterparts," said Executive Chairman Gary Torgow. "We recognize the crucial need for change, and as a bank committed to strengthening individuals, businesses, and communities, we are inspired to help these business owners create wealth and pursue their dreams."
The small business loans of up to $1 million each will be available in Detroit, Minneapolis/St. Paul, Chicago, Cleveland, Grand Rapids and elsewhere.
The Heart and Home program for qualified home buyers will provide up to $3,000 to help cover closing costs. The grant is available to customers who earn less than 80 percent of the area median income, or who purchase homes in a low-to- moderate income census tract. TCF’s goal is to fund about 750 grants in 2020.
“When people own their homes, it builds the neighborhood, provides stabilization and strengthens the community," said CEO Craig Dahl.
In 2019, TCF and Chemical Bank merged, forming the largest Michigan-based bank. It's building a Detroit headquarters.