SCARSDALE, NY (6/22/2022) -- The Acceleration Project (TAP) has received a $20,000 grant from the TD Charitable Foundation, the charitable giving arm of TD Bank, America's Most Convenient Bank®, to empower socially and economically disadvantaged small business owners in New York City and position them for growth. The grant will be used to provide coaching, mentoring and strategic support to six New York City-based small businesses that have recently received loans from local Community Development Financial Institutions (CDFIs).
For small businesses, it is often not the lack of capital that causes businesses to fail, but rather how to manage and use that capital. Typical problems include a flawed business plan, poor tracking of working capital, lack of cash flow forecasting, lack of marketing and poor labor force management. TAP will work with these small business owners to determine how best to deploy their funds and avoid these common pitfalls.
“Now more than ever, small business loan recipients are in need of this strategic advice to ensure a shared and equitable recovery through one of the most challenging and disrupting economies in recent times,” says Tracy Jaffe, Chief Growth Officer of TAP. She notes, “The program will target small businesses owned by women and People of Color located in low-moderate income areas of New York City, as these segments historically have not had equal access to the resources they need to thrive.”
“Small businesses are the backbone of our community, and we are so proud to be able to work with TAP to support them,” said Andrew Bregenzer, Regional President for Metro New York at TD Bank and Board Member of the TD Charitable Foundation. “Owning a small business isn't easy, and this grant will ensure that small business owners, particularly those owned by people of color and operating in low and moderate income communities, have the support and resources they need to feel confident about the future."
About the Acceleration Project:
TAP is a female-founded, female-led nonprofit that is laser focused on creating a more equitable economy by delivering high-caliber and impactful services to under-resourced small businesses. Structured as a 501(c)(3) with an extremely lean infrastructure, TAP is supported by grants and donations that allow it to make services available at a very accessible rate. To learn more, visit theaccelerationproject.org.
About the TD Charitable Foundation:
The TD Charitable Foundation is the charitable giving arm of TD Bank, America's Most Convenient Bank®, one of the 10 largest commercial banking organizations in the United States. Since its inception in 2002, the Foundation has distributed over $282 million through donations to local nonprofits from Maine to Florida. More information on the TD Charitable Foundation is available at https://www.tdbank.com/corporate-responsibility/the-ready-commitment/funding-opportunities/.
For small businesses, it is often not the lack of capital that causes businesses to fail, but rather how to manage and use that capital. Typical problems include a flawed business plan, poor tracking of working capital, lack of cash flow forecasting, lack of marketing and poor labor force management. TAP will work with these small business owners to determine how best to deploy their funds and avoid these common pitfalls.
“Now more than ever, small business loan recipients are in need of this strategic advice to ensure a shared and equitable recovery through one of the most challenging and disrupting economies in recent times,” says Tracy Jaffe, Chief Growth Officer of TAP. She notes, “The program will target small businesses owned by women and People of Color located in low-moderate income areas of New York City, as these segments historically have not had equal access to the resources they need to thrive.”
“Small businesses are the backbone of our community, and we are so proud to be able to work with TAP to support them,” said Andrew Bregenzer, Regional President for Metro New York at TD Bank and Board Member of the TD Charitable Foundation. “Owning a small business isn't easy, and this grant will ensure that small business owners, particularly those owned by people of color and operating in low and moderate income communities, have the support and resources they need to feel confident about the future."
About the Acceleration Project:
TAP is a female-founded, female-led nonprofit that is laser focused on creating a more equitable economy by delivering high-caliber and impactful services to under-resourced small businesses. Structured as a 501(c)(3) with an extremely lean infrastructure, TAP is supported by grants and donations that allow it to make services available at a very accessible rate. To learn more, visit theaccelerationproject.org.
About the TD Charitable Foundation:
The TD Charitable Foundation is the charitable giving arm of TD Bank, America's Most Convenient Bank®, one of the 10 largest commercial banking organizations in the United States. Since its inception in 2002, the Foundation has distributed over $282 million through donations to local nonprofits from Maine to Florida. More information on the TD Charitable Foundation is available at https://www.tdbank.com/corporate-responsibility/the-ready-commitment/funding-opportunities/.
