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TCF Bank pledges to lend $1 billion to diverse businesses and support homeownership

ImpactAlpha, July 29 – Detroit-based TCF has joined the chorus of corporations and financial institutions making commitments to combat systemic racism in the U.S. Its pledge: to increase lending to minority and women-owned businesses and to provide $10 million in closing-cost grants to low- and moderate home buyers. 

The bank plans to issue loans of up to $1 million in size for businesses in Detroit, Chicago, Cleveland and other Midwestern cities it serves. Earnings on Paycheck Protection Program loans, issued to help businesses weather COVID, will fund the initiative.

On the homeownership side, TCF Bank’s Craig Dahl in a statement: “We recognize that access to funds for a down payment is the single largest hurdle to home ownership, and our hope is this grant will provide a pathway to home ownership for more people.”

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