TD Ready Challenge: TD Bank’s $10 million annual grant helps underserved entrepreneurs turn things around

May 8, 2026 · Glow Pacifier Consulting · 5 min read

$10 million CAD. Ten awards, each worth $1 million. TD Bank has been quietly doing this for seven years.

This Is Called TD Ready Challenge annual grant program specifically funding non-profits that help vulnerable small business owners. The 2024 winners were announced in March—10 organizations each received $1 million, covering Indigenous entrepreneurs to newcomer women, from remote rural areas to urban artists.

This program is different from the small business grants we usually discuss—it doesn't give money directly to individual business owners, but to 'organizations that help owners.' But if you're a non-profit, or want to know which organizations received this money and how they can help you, this article explains it clearly.

What is the TD Ready Challenge?

The TD Ready Challenge is an annual North American grant program launched by TD Bank Group in 2018, part of TD's corporate citizenship platform. TD Ready Commitment。

Each year, TD releases a 'Problem Statement' inviting non-profits in Canada and the U.S. to submit solutions. The 2024 topic is:How to help small business owners from underserved communities start, launch, or grow?

'When small businesses thrive, communities thrive,' said TD's head of sustainable development and corporate citizenship when the award was announced in March. 'That's why TD supports non-profits that help nurture the entrepreneurial ecosystem. Support for underserved entrepreneurs is especially important—they face unique challenges but are an integral part of the small business ecosystem.'

What are the top 10 award-winning organizations of 2024 doing?

The 2024 winners covered a wide range of underrepresented groups: Indigenous peoples, newcomer women, ethnic minorities, rural entrepreneurs, refugees, and artists. Here is the full list:

Of these 10 programs, 6 are in Canada and 4 in the U.S. If you're a Chinese restaurant owner in Toronto, organizations like Futurpreneur, Syrian Canadian Foundation, and Toronto Arts Foundation currently have funds available to help you—not by giving you money directly, but by providing training, mentorship, community, and resource connections.

Who can apply? What are the hard requirements?

The TD Ready Challenge isn't open to everyone. Here are the hard eligibility requirements:

✅ Eligible Organizations

• Canada:Registered charity or not-for-profit organization
• United States:Organizations with IRS 501(c)(3) status, or non-private foundations (509(a)(1)/(2)/(3)), or local government agencies
• Note: Winners from 2019–2021 are still eligible to reapply

❌ Does Not Qualify

• Elementary/secondary schools
• Religious organizations (primarily for religious activities; but faith-based organizations doing community service may qualify)
• Beauty pageants, sports teams/events
• personal or individual fundraising activities
• Entertainment groups (clubs, fraternities, etc.)
• conferences, trade shows, exhibitions
• Video/DVD Production
• TD Employee
• 2022 and 2023 award recipients (one-year cooling-off period)

📋 Application Materials

• Within the Last Two YearsAudited Financial Statements(Must be issued by a public accounting firm; accountant-reviewed non-audit compilations are not accepted)
• All documents must bePDF format, scan and merge into a single file
• Minimum font size 10pt
• Submit entirely online; paper applications not accepted
• Only one application per organization

How Is the Evaluation Scored?

TD's review has three rounds, each looking at four dimensions:

After final review, there is also a TD employee voting round (accounting for 10% of the final decision), but only if at least 100 votes are collected and voting quality meets standards.

There's also a hard condition: between August 31, 2023 and August 31, 2024, you must have received from TD$25K+Funding organizations cannot apply. TD clearly states this lowers your priority.

2025: Paused, but there are alternatives

TD's official page states this:

"The TD Ready Challenge is currently on pause for 2025 as we assess how to best align our programs with the evolving needs of the communities we serve."

Translation: This program is paused in 2025, TD is reassessing its direction.

That doesn't mean TD is no longer lending.Other funding streams under TD Ready Commitment remain active—visit TD Ready Commitment grant page You can see currently open applications.

Frequently Asked Questions

Is this funding for small business owners?

Not directly. The TD Ready Challenge funds go toNon-Profit OrganizationNot individual business owners. But these organizations receive money to help small business owners—so if you're a sole proprietor, you should approach these award-winning organizations (like Futurpreneur, Hot Bread Kitchen), not apply directly to TD.

Is the $1 million paid out all at once?

No. TD splits payments over up to 3 years, paid annually. The specific installment plan is negotiated between TD and the award organization and written into the agreement.

Can the funds be used for other purposes once received?

No. Unless there's an unusual situation and prior approval from TD, funds must be used strictly as outlined in the original application.

Is there a time limit for using unspent grants?

Yes, from the grant datewithin 3 yearsMust Be Put into Use.

Is the rejection rate high?

10 spots in 2024, but application numbers are not public. Based on past years, competition is fierce—TD explicitly says 'we prefer to fund pilot projects or existing projects looking to expand to more communities.' Three rounds of review, with elimination each round. Rejected organizations won't receive scoring feedback.

Why Is TD Doing This?

This isn't charity—it's a business strategy. According to the Canadian Chamber of Commerce, visible minorities make up 26.5% of Canada's population but only 19.2% of business owners. TD's retail banking clients include many small business owners, and helping underserved groups start businesses is, in the long run, expanding their own customer base. The TD Community Impact Plan aims to invest through loans, investments, and philanthropy by 2030.$20BFor community development.