TD Bank Takes a Community-Focused Approach to Lending to LGBTQ2+ Businesses

“The LGBTQ2+ community sometimes has missed certain benchmarks in their financial career, business banking and personal banking,” Steve Garibell, LGBTQ2+ business development officer at TD Bank, says. “And a lot of that has to do with an owner not necessarily [feeling] comfortable being their authentic self to the person that they’re sitting across the table from.”

The role is part of TD Bank’s commercial bank division. According to Garibell, TD Bank is the only financial institution in the country to have such a role. While Garibell does not turn down other small business customers, his primary goal is to provide resources to LGBTQ2+ business owners while creating a banking relationship without hurdles related to sexual orientation or gender identity.

According to Garibell, this role is unique in that it relies more on a community approach rather than marketing, with Garibell actively working with community businesses and organizations to not only find potential clients but to find solutions for them.

Garibell works closely with the National LGBT Chamber of Commerce (NGLCC) and community development financial institutions to promote financial literacy and access to capital.

Success in New York

But beyond his professional financial experience, Garibell’s personal experience allows him to bring an important perspective to his current role. A member of the LGBTQ2+ community himself, Garibell has volunteered for the NGLCC and supported other similar causes and organizations, ultimately strengthening his connection with the businesses he works with on a daily basis.

Among some of the successes Garibell has helped oversee is TD Bank’s relationship with Lambda Vodka, a vodka distillery and distributor based in Harlem. Lambda Vodka is co-owned by Charles Hughes and Richard Solomon, who have been married since 2016. Hughes and Solomon launched the business soon after their marriage and then began working with Garibell and TD Bank. Hughes and Solomon eventually opened a lounge in New York.

Of course, in 2020, as the COVID-19 pandemic slashed business for restaurants and bars, Lambda faced challenges to keep its business going successfully. Garibell worked closely with Hughes and Solomon to provide the support they needed.

Expanding to Meet New Challenges

“How do we take what we’ve done in this veteran New York market and bring this through our footprint?” Garibell says. “The goal is to take … this perfect purpose-driven community approach and bring that to other areas throughout our footprint.”

The first of these developments relates to contract financing, as the New York City Department of Small Businesses Services made New York the latest jurisdiction to approve the inclusion of NGLCC-Certified LGBT Business Enterprise (LGBTBE) suppliers when seeking government contractors. Such measures are also in effect in multiple cities around the country, including Los Angeles, Chicago, Baltimore, Philadelphia and Seattle.

“Along with these public sector opportunities, there is also a commitment among private companies to increase supplier diversity, which will help drive these spends at corporations and bring more contracting opportunities to LGBT Certified Businesses,” Garibell says. “The increased contracting opportunities, in turn, will lead to the increased need for funding for LGBTBEs.”

Phil Neuffer is managing editor of ABF Journal.