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With TD Bank, NFCC launches program to aid small business owner financial wellness

TD's commitment of $3 million makes National Foundation for Credit Counseling groundbreaking small business owner counseling and education program a reality

The National Foundation for Credit Counseling (NFCC) has announced a $3 million exclusive commitment from TD Bank and the TD Charitable Foundation, the bank’s charitable giving arm, to support financial education and counseling services for US small business owners. This support will enable the NFCC to build upon the work started in 2016 and will help increase capacity for member agencies to provide financial education and counseling to thousands of small business owners in the years to come. It is because of the quality of the services provided by NFCC Member Agencies that the NFCC is being recognized as a trusted solution for small business owners.

“NFCC Members have always been dedicated to finding solutions for financial challenges of small business owners,” said NFCC President and CEO Susan C. Keating.” TD’s financial support will allow members to do even more for this important segment of the population.” The first phase launches in October, and will utilize the Sharpen Your Financial Focus (Sharpen) program as the initial framework for providing personal financial reviews and education for small business owners who are using consumer-oriented financial products to finance their small businesses.

“TD Bank is proud to partner with organizations like the NFCC that share our mission and expand our reach to educate, advise and empower small business owners,” said Jay DesMarteau, Head of Commercial Bank Specialty Segments, TD Bank. “We look forward to working together to bring the Sharpen Your Focus program to business owners nationwide.”

The second phase will establish a unique program designed to comprehensively assist small business owners as they transition from consumer financial products to more appropriate business-oriented products and services. Customized curriculum will be developed that builds on NFCC’s current capabilities in the consumer finance arena, including specific materials to educate small business owners on business financial services and products that better fit their needs. The NFCC will enhance the quality of service with additional counselor training, certification, technology enhancements and development of additional program materials.

The program will also leverage technology and outcome based data to measure the positive impact of services. Key financial and data points will be analyzed to reveal financial behaviors and perceptions using data collected by NFCC Member agencies and reviewed through the ongoing research related to the Sharpen program. Other means of consumer data collection will involve periodic follow-up surveys throughout the program.

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