It’s been a little while since we’ve caught up with one of New York City’s most prominent bank grantmakers, TD Bank. In the past, it's supported affordable housing and targeted key populations, like seniors. When compared to TD Bank’s giving areas in other places along the East Coast, it’s clear that most grants support New York City and suburban New York.
So to follow up on these trends, we’re taking a look at exactly where TD Bank support in New York City has been going lately, and how much these groups have been getting. What’s impressive about last year’s TD Bank investments are their sheer size. Not only does the bank seem to be ramping up its NYC grantmaking, but it’s also been engaged in more lending to nonprofits. Although it’s still committed to nonprofits from Maine all the way down to Florida, the NYC efforts really stand out.
In the 2016 fiscal year, TD Bank loaned tens of millions of dollars to nonprofits in the metro New York area. For example, TD Bank made a $47.9 million loan to ADAPT Community Network, which used to be known as United Cerebral Palsy of New York City, Inc. The bank’s funds are going to a tax-exempt and taxable direct purchase of Series 2016A and 2018B bonds. But the proceeds refinanced the renovation costs of the organization’s offices and moving educational services into the same space. The underlying goals were greater efficiency and nonprofit collaboration.
The bank also loaned $39.1 million to the United States Fund for UNICEF for a tax-exempt bond purchase to refinance its headquarters building in Manhattan. A final NYC recipient was the Windward School, which received a $10 million loan from TD Bank to support the purchase of a residential building as part of its Manhattan campus. Construction and infrastructure have been key points of interest for this bank on the local level.
"TD Bank strives to work with organizations that, like TD, seek to make a positive impact in their communities," said George Andreozzi, the commercial team leader for government, not-for-profit and education lending for TD Bank in New York. "TD is proud to work with these respected health, human services, education and government associations to help them achieve further growth."
All of these are examples of a bank funder can accomplishing more than simply setting up a charitable foundation to contribute to nonprofit life in a community. Such funders are ideally positioned to be leaders in impact investing, growing the marketplace of loans available to nonprofit groups.
Meanwhile, TD Bank continues its active grantmaking in New York City. You can learn more about the TD Charitable Foundation and its guidelines for New York City giving here. Priority areas of interest are affordable housing, economic development, neighborhood revitalization, human services and financial health. TD Bank is based in Cherry Hill, New Jersey.