When Regina Hairston, President and CEO of the African American Chamber of Commerce of PA, NJ & DE, embarked on a three-city economic outlook tour with TD Bank this summer, she was seeking clarity on the state of Black entrepreneurship across the Greater Philadelphia region.
With stops in Harrisburg, Wilmington, and Philadelphia, the Chamber met with Black business owners and stakeholders on the challenges that Black entrepreneurs continue to face, but also on the opportunities that lie ahead. Across the United States, Black-owned businesses have witnessed significant gains, both in terms of revenue and the number of businesses with more than one employee.
In fact, the Greater Philadelphia region was ranked among the top 10 metro areas with the largest increase in Black-owned employer firms. Between 2017 and 2022, the number of Black-owned employer businesses in the Greater Philadelphia region grew by more than 71 percent.
“If this economic outlook tour has taught us anything, it is that the role of the Chamber is more important now than ever,” Regina reflected. “There are a ton of great policies, and a lot of incredible folks working in the same direction. This includes government, TD Bank, and other stakeholders who make our work possible. While we are excited to see this progress, we know that this is only the beginning.”
What’s at stake?
With roughly one in five people in our region identifying as Black, less than five percent of Black-owned businesses have more than one employee. In the City of Philadelphia, this issue is even more urgent. With a Black population of nearly 40 percent, only three percent of Philadelphia’s Black-owned businesses have more than one employee.
The data is clear: Black-owned businesses with employees outearn and outgrow their solopreneur counterparts. When these businesses create jobs, they not only generate revenue for the local economy, but they foster opportunities for communities.
“In order for our region to thrive, and to close the racial wealth gap, we must continue to invest in our businesses and advance policies that facilitate growth rather than hinder it,” Regina said. “This includes removing the longstanding barriers to accessing capital, ensuring procurement opportunities are more inclusive, and putting an end to Philadelphia’s double-tax on businesses.”
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The Chamber is here to serve
Hairston often compares the Chamber to a highway system.
“You pay your toll, which is your membership, you tell us where you want to go, and we tell you what exit to get on,” she said. “The Chamber stands in the gap as a solution to the challenges so many businesses in our region are facing. Just like a highway system, if there are potholes, we’re the ones who come in and make sure they get filled.
“It’s us removing those barriers, not only for our members, but for our entire business ecosystem.”
Networking gaps – are business owners talking to the right resources?
The Chamber’s economic outlook tour underscored why the organization’s role as an information hub is indispensable.
The Chamber exists not just to distribute resources but to align small businesses with the right allies at the right time.
“It’s about knowing where to go for what your need is,” Regina emphasized.
She was also candid about policy rollbacks at the local, state, and federal levels, from Philadelphia eliminating small-business tax exemptions to changes in SBA lending requirements, that threaten to hurt local, diverse businesses.
“When Black businesses thrive, so does our regional economy,” Regina noted. “This means that it is each of our responsibility to see that this vision becomes a reality by supporting Black entrepreurs yearround. During these uncertain times, while many other institutions have scaled back their support of advancing equity on behalf of Black-owned businesses, TD Bank has remained committed to this goal. That’s what makes this partnership with TD Bank so special.”
The message is urgent: small businesses cannot afford to remain idle.
TD Bank’s role – a true partner
Regina underscored the importance of TD’s consistent, multi-year partnership with the Chamber, from supporting convenings of Black mayors to championing access to capital.
“Even if you don’t bank at TD, TD gives to the CDFIs [Community Development Financial Institutions],” she said. “That makes sure you have a point of access to capital and then grow into the relationship. So, it just reaffirms how important these partnerships are. It takes all of us to ensures that you have a point of access to capital.”
That commitment is also embodied in the work of Tommy Berner, Community Business Development Officer at TD Bank, who has been with the bank for more than two decades and now focuses on supporting diverse business owners across Pennsylvania and New Jersey. For Berner, the partnership with the African American Chamber is both strategic and deeply personal.
“This relationship with Regina and the folks at the Chamber is really like a living, breathing back-and-forth,” Tommy explained. “It’s rooted in a shared mission - we’re looking to equip Black business owners with tools, resources, and connections so that their businesses can thrive. It extends beyond transactional banking. It’s about fostering sustainable growth and long-term economic inclusion.”
He emphasized that TD’s involvement is not just about showing up for high-profile events but about investing year-round in programming and education.
“Our involvement is about impact, not just presence,” Tommy said. “We’ve supported the Chamber through small business workshops, networking events, and financial education offerings like TD SAFE, which provides training on fraud prevention, cybersecurity, and business planning. These activations give members direct access to trusted advisors, and that’s where the real value lies.”
He also highlighted what he sees as most important: the longstanding nature of TD’s relationship with the Chamber.
“I think it’s critical to talk about the longevity of this partnership. This isn’t new, we’ve been walking alongside the Chamber for years. That history matters, because it builds trust. And trust is what helps us go beyond one-off sponsorships and really create lasting impact for these businesses," he said.
In Delaware, the impact was visible.
Regina recalled a moment when a local attorney, also chair of Delaware State, stood up and proudly declared TD as his bank.
“It was great to hear, but it also verified what we already knew: we have to be in these other jurisdictions, on the ground, supporting growth where it happens,” she said.
Regina also pointed to a five-year cycle of partnerships that are now bearing fruit, from TD Bank’s collaboration with the Chamber to alliances with sports teams, universities, and national organizations.
“It doesn’t happen overnight, but after five years, we actually see the fruit of our labor,” she said. “So you’ve got to keep moving, even when it doesn’t look like you’re actually getting anywhere … you are.”
That persistence, fueled by partnerships and powered by information, is what Regina believes will close the gap for diverse small businesses across the Northeast.
In her words, the path forward is clear but collective: “It takes all of us: TD, policies, chambers, and business owners. If we’re ever going to see any real parity, it requires all of us.”
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Photography courtesy of the AACC