TCF Financial announces $1 billion loan drive to minority-owned small businesses


LEILA NAVIDI – Star Tribune file

TCF Financial plans a massive expansion of lending to minority-owned businesses, amounting to $1 billion over the next five years.

TCF Financial stepped up its commitment to minorities in the wake of the George Floyd killing and related demonstrations.

CEO Craig Dahl, who merged TCF with Detroit's Chemical Financial Corp. in 2019, on Thursday announced a $1 billion loan commitment to minority- and female-owned small businesses over five years. The company will also spend $10 million to assist lower-income home buyers during the period.

The commitment grew out of a denunciation of discrimination by Dahl and TCF Chairman Gary Torgow following Floyd's death at the hands of police in Minneapolis on May 25.


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