TCF announces $1 billion investment in loans for minority-owned businesses

July 24, 2020

TCF Bank and Detroit Mayor Mike Duggan announced Thursday that the bank will try to address long-standing racial discrimination in lending by making it possible for more people of color to receive financing.

TCF is creating a $1 billion loan program for minority and women-owned businesses in Detroit and several other cities. Start-ups and existing businesses can apply for loans as small as $10,000 and up to $1 million.

Duggan said he asked business leaders in Detroit to do something major to help fight systemic racism in the city and in the country.

https://www.bridgemi.com/business-watch/tcf-announces-1-billion-investment-loans-minority-owned-businesses