For many small business owners, simply surviving the first few years can be a challenge.
Indeed, recent statistics show that many small businesses struggle to stay in business through their first few years of operation. Among new small businesses in the United States, 18% fail within the first year, according to data released last year by the U.S. Bureau of Statistics. Only half survive to the fifth year, the rest having failed due to insufficient funding and support.
Similarly, in Canada, the federal department of Innovation, Science and Economic Development reports that about 41% of new businesses fail within their first five years.
For entrepreneurs from underserved communities, the challenge can be even greater. Many face especially tough economic realities, including less access to capital, language barriers, and lack of a credit history.
As a way to support a stronger and more inclusive small business environment, TD awarded the annual TD Ready Challenge grants to organizations focused on supporting innovative solutions that can help underserved entrepreneurs succeed.
For the last seven years, the TD Ready Challenge has supported non-profits and community organizations in their efforts to help solve issues impacting people across North America. Each year, the TD Ready Challenge is centered around a different problem statement.
For 2024, the problem statement called for applications from eligible organizations working on innovative solutions to help support entrepreneurs from underserved communities as they launch, develop, or grow their small businesses. A total of 10 grants of $1 million each (CAD or USD depending on the jurisdiction of the organization) were available in 2024 to put their solutions into action.
"For 2024, we were looking for solutions that presented novel strategies, partnerships, and technologies with the potential to help cultivate a more supportive entrepreneurial landscape for underserved entrepreneurs,” said Alicia Rose, AVP Social Impact & Strategy, Sustainability and Corporate Citizenship at TD.
“We hope that with our support, these promising solutions will help underserved businesses to thrive and in turn help give communities the economic strength and vibrancy that can benefit everyone.”
Increasing the number of women entrepreneurs in Canada
Among the recipients of this year’s TD Ready Challenge grant is Futurpreneur, a national, bilingual non-profit organization that is launching a new Women in Entrepreneurship Initiative. This multi-faceted program aims to empower women entrepreneurs across Canada through networking events, a peer-to-peer community and capacity building workshops.
“As a national organization committed to providing accessible loan financing with mentorship and business resources for young, underserved entrepreneurs, we recognize the unique barriers women face when starting and growing businesses,” said Mona-Lisa Prosper, Senior Director, Community Engagement at Futurpreneur.
"This incredible support from the TD Ready Challenge grant strengthens our ability to empower more underserved young entrepreneurs — particularly women, who continue to encounter roadblocks to business success. The Bank’s support enables us to expand our reach and provide the resources needed to help more women start, buy, and grow businesses that can drive inclusive economic prosperity in their communities and across Canada."
The Women in Entrepreneurship Initiative will offer tailored programming, networking opportunities, and access to a peer-to-peer community designed for women entrepreneurs. Participants will gain knowledge and skills in financial management, marketing, fundraising and international expansion with the ultimate goal of helping women-owned businesses thrive and grow. This initiative complements the existing loan financing, mentorship, and business resources Futurpreneur currently provides through its Core Startup, Black Entrepreneur, Indigenous Entrepreneur, and Side Hustle startup programs.
“Small- and medium-sized businesses represent the vast majority of Canadian businesses — around 98% of them. Yet only 18% of these small businesses are majority women owned. We know that unlocking the entrepreneurial potential of women across Canada is vital for a strong national economy and, at Futurpreneur, we’re committed to making this happen," Prosper said.
"In the fiscal year 2024, 42% of the businesses we supported were majority women-owned. We believe our Women in Entrepreneurship initiative will increase that number at a crucial time, when Canadian entrepreneurs need our support the most."
This grant builds on a longstanding relationship between Futurpreneur and TD, dating back to 2010. Recent collaborations in 2019 and 2024, supported by the Bank through the TD Ready Commitment, include the successful launch of Futurpreneur’s Side Hustle Program and the My Canadian Startup initiative. The Side Hustle program has helped 165 entrepreneurs, aged 18-39, launch side businesses, while My Canadian Startup empowers newcomer entrepreneurs with essential tools, resources, and knowledge to successfully launch and grow their small businesses in Canada, said Prosper.
“Since 1996, Futurpreneur has helped more than 18,700 underserved young entrepreneurs realize their entrepreneurial goals, with over 14,700 businesses launched in every province and territory,” Prosper said.
“In these challenging and uncertain times, this support from TD is more critical than ever for young women entrepreneurs launching businesses across Canada. Our goal with the Women in Entrepreneurship Initiative is to connect 1,500 business owners with the tailored support they need to succeed.”, said Prosper.
Meet the 2024 grant recipients below, as they've described themselves in their own words. Learn more about the TD Ready Challenge at www.td.com/readychallenge.
Ampere (formerly The Pinnguaq Association)
Amp Up Small Business (Canada)
"Amp Up Small Business will support low-income future entrepreneurs in underserved rural, remote, and Indigenous communities in Northern Canada, providing training and resources to develop, launch, and grow small businesses. Some participants will be selected for Amp Incubator, receiving support and financial investment in exchange for a percentage of revenue to be reinvested in Amp Up programming."
Hot Bread Kitchen
HBK Incubates: Building financial security for immigrant and women of color small food business owners in New York City (U.S.)
"The HBK Incubates program provides holistic and coordinated support services for low- to moderate-income women of color in New York City to seed, start and scale their food businesses."
https://www.hotbreadkitchen.org
Futurpreneur
Women in Entrepreneurship Initiative (Canada)
"Futurpreneur's Women in Entrepreneurship Initiative supports women-owned and women-led businesses through networking events, a peer-supported community, and tailored capacity-building workshops. Participants will gain critical skills for business growth in topics like financial management, marketing, access to capital, and international expansion, with access to coaching and resources through in-person and virtual connection opportunities.”
PA CDFI Network
Drive Your Business (U.S.)
"PA CDFI Network's Drive Your Business program will help address gaps in services and reduce barriers faced by underserved entrepreneurs by combining technology, education, coaching and community collaboration."
Tamarack Institute for Community Engagement and Small Economy Works
Initiating Futures: Advancing rural, remote, and northern entrepreneurs (Canada)
"Tamarack Institute and Small Economy Works are working together to engage 300 entrepreneurs with practical and contextualized training to grow and develop their businesses. Through local community collaboratives and AI-powered learning, the program delivers personalized coaching and group learning opportunities designed specifically to support aspiring populations such as Indigenous women, rural, remote, and northern entrepreneurs."
https://www.smalleconomyworks.com/the-initiate-program
Washington Area Community Investment Fund (WACIF)
Resilient Futures: Small Business Financial Wellness and Wealth Building Program (U.S.)
"By combining an innovative financial product with specialized support for entrepreneurs that's sensitive to difficult financial situations, WACIF will be providing a first-of-its-kind initiative in the Washington, D.C., area."
University of British Columbia
UBC Sauder School of Business Ch’nook Management Program: Increasing Access to Economic Opportunities through Business Education, Entrepreneurship and Small Business Skills (Canada)
"The Ch’nook Management Program empowers Indigenous entrepreneurs and small business owners with business education, skills, and resources to succeed. UBC Sauder faculty integrate business knowledge and management training with Indigenous perspectives to create a culturally relevant learning experience, culminating in participants presenting their projects or ventures at the program's end."
https://www.sauder.ubc.ca/chnook/cmp
Tampa Bay Chamber Foundation
Empower Sustainability Focused Accelerator (SFA) (U.S.)
"To help enable continued growth for small minority-owned businesses, Tampa Bay Chamber Foundation's Empower Sustainability Focused Accelerator program will use an innovative approach to strategic planning and execution, and leverage automation tools."
https://www.tampabaychamber.com/
Syrian Canadian Foundation (SCF)
Newcomer Entrepreneur Women (N.E.W) Venture (Canada)
"The N.E.W Venture program, in partnership with the NISA Foundation, is committed to advancing economic independence and social inclusion through entrepreneurship training and skills development for newcomer and refugee women in Ontario and Quebec, with a particular focus on women who are victims of gender-based violence."
https://syriancanadianfoundation.ca/
Toronto Arts Foundation
Newcomer Artist Program (Canada)
"The Newcomer Artist Program expansion empowers newcomer artists through mentorship, education, and work-integrated learning. Over three years, annual cohorts of 25 newcomer artists will gain entrepreneurship skills, paid work experience, and access to industry networks, contributing to their economic independence, personal and professional fulfillment, social integration, and long-term success."