Building a business is never easy. It requires securing capital, navigating risk, and staying true to a vision in the face of setbacks and doubt.
The path forward can be steep for aspiring business owners who lack the resources and support networks to help navigate the processes and hurdles to business ownership – notably the credit system that underpins their eligibility.
TD Bank is proud to support the dreams of small business owners by partnering with organizations like Community Development Financial Institutions (CDFIs), who help entrepreneurs build plans, skills, and confidence.
How CDFIs Spark Business Growth
CDFIs are private financial institutions that deliver responsible, affordable financing to low- to moderate-income communities and individuals to generate economic opportunity. They commonly serve as a resource for underrepresented small business owners, providing alternative options for capital and financial services in a number of ways, including:
- Less rigorous lending requirements: CDFIs can approve loans and extend credit to borrowers where mainstream banking institutions may be limited due to stringent underwriting requirements.
- Low-cost capital: Many CDFIs offer lower interest rates, allowing small business owners to owe less over time. And they often offer fixed rates, which allow for predictable payments.
- Business resources: CDFIs also offer technical assistance and other supports, like accounting, legal, human resources, general advice or even help writing a stronger business plan. The idea is to help small businesses sustain, adapt and grow long-term.
Building an Ecosystem for Pennsylvania Entrepreneurs
Founded in 1997, the Pennsylvania CDFI Network (PA CDFI Network) has filled a critical small business need in rural and urban communities across Pennsylvania, combining tailored financial assistance, coaching, technology, and education to help aspiring business owners make their dreams a reality. Since its inception, the PA CDFI Network membership has grown to 17 participating CDFIs, 12 of which operate within TD's footprint, and all of which work with business owners struggling to secure traditional lending.
The PA CDFI Network relies on a variety of resources including federal, state, private sector and grant funding. In 2024, the PA CDFI Network received a $1 million grant through the TD Ready Challenge for the innovative solutions it provided to underserved small business owners as they developed, launched, or grew their business.
"We found the PA CDFI's Drive Your Business program to have incredible potential," said Paige Carlson-Heim, Head of U.S. Social Impact at TD Bank. "It not only targeted gaps in services for entrepreneurs through hands-on training, but it also combined that support with community collaboration, which is key to fostering business growth and enhancing access to resources and new clients. I'm excited to see the direct impact PA CDFI Network will have in creating opportunities, reducing barriers, and achieving long-term success for small businesses in the program."
Part of PA CDFI Network’s success can be attributed to taking risks that some traditional banks shy away from. “Whether it's no credit, bad credit, no financial history, or not enough cash flow, we're committed to helping businesses reach the level of sustainability they need to grow," said Varsovia Fernandez, CEO of the PA CDFI Network. “Our goal is to meet them where they are and give them the tools and support to build lasting success. And we're grateful for TD's investment to help us achieve that goal.”
Check out the video below to see two of the small businesses that the PA CDFI has helped fuel with TD's support: Rocky Philly Souvenirs in Philadelphia and Brü Daddy's Brewing Company in Allentown.
To seek out a CDFI in your market, visit the Treasury Department's CDFI Fund website or search the Opportunity Finance Network page.
We hope you found this helpful. This article is for informational purposes only and is based on information available as of January 2026 and is subject to change. This content is not intended to be used or acted upon with respect to any client's specific circumstances. For specific advice about your unique circumstances, consider talking with your qualified professionals.
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