TD Charitable Foundation Invests $5 Million in Innovate Capital Growth Fund for Minority and Women-owned Small Businesses
MOUNT LAUREL, N.J., Oct. 5, 2023 /PRNewswire/ -- TD Charitable Foundation, the charitable giving arm of TD Bank, today announced its first-ever Mission Related Investment (MRI) of $5 million to Innovate Capital Growth Fund (ICGF) – the first equity investment made by the Foundation. ICGF is a new non-profit sponsored Small Business Investment Company (SBIC) focused on providing growth equity to minority and women-owned businesses in the Mid-Atlantic, with a focus on the Greater Philadelphia area. To date, the Foundation is the fund's largest financial institution investor.
- MOUNT LAUREL, N.J., Oct. 5, 2023 /PRNewswire/ -- TD Charitable Foundation , the charitable giving arm of TD Bank , today announced its first-ever Mission Related Investment (MRI) of $5 million to Innovate Capital Growth Fund (ICGF) – the first equity investment made by the Foundation.
- ICGF is a new non-profit sponsored Small Business Investment Company (SBIC) focused on providing growth equity to minority and women-owned businesses in the Mid-Atlantic, with a focus on the Greater Philadelphia area.
- "The TD Charitable Foundation is thrilled to be investing in a fund focused on helping to grow and strengthen minority and women-owned small businesses of Philadelphia and the Mid-Atlantic region," said Shelley Sylva, Head of U.S. Corporate Citizenship at TD Bank.
- ICGF invests growth equity capital in minority and women-owned lower middle market businesses and offers expertise in operations, while bridging capital throughout the development stages of a company's portfolio.