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• Aug. 21, 2024

Farah Kurji has first-hand knowledge of the hard work that drives small businesses — something she started learning when she was around 10 years old.

“I'm sure a lot of people who grew up in a family business can understand how it becomes the centre of family activity, and how everyone has a part to play in it,” said Kurji, Senior Manager, Social Impact at TD.

Kurji helped her parents — stocking shelves, pricing items and, when she was old enough, working the cash register — at their dollar stores in the Vancouver area until she left for university.

As she grew into bigger responsibilities, Kurji also gained a deeper respect for her father, Shafiq, and mother, Yasmin. Working at their stores gave her an appreciation for how hard they worked and the challenges they faced — challenges she now recognizes are common to many small-business owners.

Her parents’ work ethic and entrepreneurialism come from a deep family legacy. Her family founded various businesses over the course of a multi-generational journey from India to Tanzania to Canada. “Entrepreneurship has been a constant thread in my family's history, everywhere that they've called home,” Kurji said.

Her own personal experience and family’s enterprising tradition helps explain why Kurji is proud to be involved in running this year’s TD Ready Challenge, a signature North American initiative which is part of the TD Ready Commitment, the Bank’s corporate citizenship platform.

The TD Ready Challenge 2024

“Each year through the TD Ready Challenge, we pick a different problem statement to focus on so we can continue to deliver on our purpose to help support a more inclusive and equitable tomorrow,” Kurji said.

“In 2023, the TD Ready Challenge problem statement was focused on finding solutions to address systemic barriers to affordable housing, and in 2022, the problem statement's focus was on finding solutions designed to help communities disproportionately affected by climate change.”

This year, the TD Ready Challenge problem statement is focused on innovative solutions to help address systemic barriers faced by underserved entrepreneurs or small business owners trying to develop a business, launch a business, or grow an existing business.

Eligible North American-based non-profits and charities can apply for one of the 10 available TD Ready Challenge grants of $1 million (CAD or USD depending on the jurisdiction of the organization).

“We're really looking for organizations that can use their grant to scale, replicate, or expand their current solutions to help serve new communities,” Kurji said.

For example, eligible organizations could have solutions that can provide small businesses with access to capital, deliver programs that help people build business-planning skills, or that foster business mentorships. In the big picture, the goal of the TD Ready Challenge is to help contribute to a more inclusive and supportive entrepreneurial landscape.

Small businesses need support now more than ever: In Canada, Business Development Canada (BDC) research found that nearly 50% fewer people were starting businesses in 2023 compared with two decades ago. Government of Canada statistics from 2023 reveal that about 41% of new businesses fail within their first five years. In the United States, 18% fail within the first year, according to a study by the U.S. Bureau of Statistics. And as Kurji notes, entrepreneurs from underrepresented groups who face systemic barriers are especially vulnerable to the challenges small businesses face, such as lack of access to capital, ineffective business planning, lack of credit history, and language barriers, among other factors.

Entrepreneurial roots in action

Kurji thinks back to the grit that her own parents had to call upon to succeed as entrepreneurs in Canada. Having known each other growing up back home in Tanzania, Shafiq and Yasmin reconnected in the early 1980s after settling in Vancouver due to political instability in their home country. As a young married couple new to Canada, raising the capital and getting established enough to open a business took about 15 years’ worth of hard work. Yasmin trained as a pharmacist while Shafiq worked at a gas station, and later learned the retail trade from the inside.

“I think their experience is a really common one for many newcomers,” Kurji said. “It takes time to establish that foundation, get Canadian experience, build a network and secure capital before you're really in a position to start something.”

The experiences of Kurji's parents are not unique to newcomers. Similar challenges are faced by a number of underserved groups who often face barriers to launching or growing an existing business, such as 2SLGBTQ+ communities, Indigenous people, veterans, and people with disabilities, among other groups.

While Kurji admires her parents’ resilience, she wonders if there is a better path for underserved entrepreneurs. “How do we accelerate that journey for people?” she said.

Kurji thinks back to the way her parents built their business on a foundation of trusted relationships — the connections and friendships they made with customers, employees, suppliers, fellow entrepreneurs, and others.

“I believe that when small businesses thrive, we all thrive,” she said. “Small businesses create jobs. They provide essential services. They foster innovation. Our communities need a lot more of that.”

The 2024 TD Ready Challenge grant program is accepting applications from eligible organizations until Sept. 5. Learn more here.

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