TCF Bank pledges $1B in loans to minority - and woman – owned small businesses

Two months after nine executives of Detroit's largest companies came together to reject racism in their workplaces and communities, TCF Bank Executive Chairman Gary Torgow said he is committing to $1 billion in loans to minority- and female-owned businesses Thursday.

In addition to the small business loans, Torgow also announced a $10 million grant program for low- tomoderate-income home buyers that will provide up to $3,000 to help cover closing costs.

"These programs address the systemic racism that has denied too many their piece of the American dream," said Torgow, pointing to the fact that minority and female entrepreneurs have historically had a more difficult time obtaining loans compared with white men.

It was Torgow's letter to TCF employees following the death of George Floyd, who was killed in police custody, that inspired the first news conference in early June. the Rev. Wendell Anthony, president of the Detroit Branch NAACP, read the letter and immediately called Detroit Mayor Mike Duggan to have Torgow and other executives go on the record to condemn the Floyd's death, and talk about how they will address systemic racism.