Small businesses are the lifeblood of Canadian communities, driving job creation, community growth and innovation. Yet, systemic barriers disproportionately impact underserved entrepreneurs, hindering their ability to thrive. 

Business Development Canada’s 2023 study in collaboration with the Université de Montréal has found that the number of Canadians launching their own business has dropped nearly 50 per cent over the past 20 years.  Additionally, 40 per cent of small businesses that do find their initial footing are failing within their first five years due to a myriad of factors including slow pandemic recovery, lack of business knowledge and credit history, limited access to capital, ineffective business planning and language barriers, among other challenges.

These challenges are exacerbated for underserved communities, including Indigenous, Black, and racialized entrepreneurs, women, 2SLGBTQ+ individuals, newcomers, and people with disabilities who often face additional systemic barriers.

“We understand the impact local businesses can make on an entire community,” says Alicia Rose, AVP, Social Impact at TD Bank Group. “Recognizing the underrepresentation of businesses owned by entrepreneurs from underserved communities, I’m thrilled that the focus of the 2024 TD Ready Challenge problem statement is about supporting solutions that can help small business owners develop, launch, or grow their enterprises.”

What is the TD Ready Challenge? 

A signature grant program of the TD Ready Commitment, the Bank’s corporate citizenship platform, the TD Ready Challenge is one of the many ways TD aims to help enrich the lives of its customers, colleagues and the communities it serves.  This year it is inviting eligible charitable and non-profit organizations to submit proposals for innovative solutions that are designed to help strengthen the small business ecosystem in Canada and consequently contribute to more resilient communities—especially those in industries, like the arts and culture sector, who earn income on a project-to-project basis.

Who can apply? 

Eligible non-profits and community organizations can apply for grants of CDN $1 million for Canadian-based organizations and USD $1 million for US-based organizations. There are only 10 grants available in total for both Canada and the US. TD is looking for organizations that have designed innovative, scalable and/or replicable solutions focused on addressing the 2024 TD Ready Challenge Problem Statement.  Such solutions could be focused on, but are not limited to providing access to financial capital and support, building business and financial planning skills and providing business mentorships.

TD will be accepting applications until 4 p.m. ET on September 5, 2024. If your organization or an organization you know is eligible, complete information and directions to apply are available at td.com/readychallenge.