TRAVERSE CITY — TCF Bank capped off what has been a busy 2020 for the financial institution with a $30,000 award to Venture North Funding and Development.
According to a joint release, the award will be used for a small business grants, micro-loans and program administration. Venture North Executive Director Laura Galbraith said the $30,000 award “was a great holiday surprise package.”
“Venture North is important to the 10-county Northwest Michigan region, especially to the small businesses that depend on their help during difficult times,” Scot Zimmerman, TCF Bank Regional President for NorthEast Michigan, said in the release. “We are proud to award Venture North with this funding to support their collaborative efforts with other lending institutions to develop businesses, create jobs, and expand economically challenged areas.”
“This award will be used for a number of purposes including: grant funding for small businesses impacted by the COVID pandemic; entrepreneurial microloans; and technical assistance support for entrepreneurs and small businesses throughout the 10-county region,” Galbraith said in the release.
Venture North created the Regional Resiliency Program in May and has made nearly 200 grants totaling more than $500,000 to businesses with nine or fewer employees hit hard by the COVID-19 pandemic.
“The majority of existing small businesses have not received other forms of support beyond the Regional Resiliency Program,” Galbraith added in the release. “While reviewing the applications for funding, we also screen to see if businesses qualify for additional forms of funding or technical assistance.”
Emmanuel Glover, director of community development and CRA officer at TCF, said the award will help those that need it most.
“... small businesses have confronted the most difficult and unpredictable economic challenges during this pandemic,” Glover said in the release. “The strength to endure right now depends is no small measure on how well we work together to protect the health and safety of everyone, and efficiently use our resources to support local businesses and the communities we serve.”
More information about the Regional Resiliency Fund and other Venture North programs is available at www.venturenorthfunding.org.
The $30,000 grant comes a week after another major announcement involving TCF Bank.
Huntington Bank will absorb TCF Financial in an all-stock deal worth $6 billion, according to the Associated Press. Subject to regulatory approval, the deal is expected to close in the second quarter of 2021.
Huntington, with $120 billion in assets, is larger than TCF, which has assets of around $50 billion. The TCF brand name will be changed to Huntington and the TCF Center in Detroit will be renamed in coming years, the AP reported.
Huntington has said it will keep TCF’s presence in Detroit. TCF Bank’s commercial lending is expected to still operate out of a building under construction in downtown Detroit, according to the report.
On Aug. 10, 2020, the conversion of Chemical Bank to TCF Bank became official.
The conversion has been in the progress since Chemical Financial Corporation, the holding company for Chemical Bank, merged with TCF Financial Corporation (Legacy TCF). The deal closed on Aug. 1, 2019.