A new fund co-founded by TD Bank Financial Group and Social and Enterprise Development Innovations (SEDI) will provide grants ranging from $25,000 to $100,000 to qualified community groups for financial education.

TD and SEDI, a charitable organization that helps low-income Canadians gain financial independence, officially launched the TD Financial Literacy Grant Fund on Tuesday with the first call for applications for funding.

The deadline for applications is July 31.

The first of its kind in Canada, the $11-million fund was created by SEDI and TD from the funding provided by TD earlier this year.

Over its six year life, the fund will significantly accelerate the pace at which SEDI can bring financial literacy skills to low-income and disadvantaged individuals across Canada.

Charitable and nonprofit organizations interested in applying for grants are encouraged to review the Fund’s guidelines and application form available at www.sedi.org/grantfund.

“We’re excited to be kicking off the TD Financial Literacy Grant Fund with a call for applications,” says Tim Hockey, CEO, TD Canada Trust.

“We hope that groups will use the funding to make a difference to people in their communities with education that will help them manage their every day finances and, ultimately, make a better life for themselves.”

“The fund is an example of how SEDI works in collaboration with other sectors to pursue its mission of reducing poverty by expanding social and economic opportunity for low-income Canadians,” says Peter Nares, SEDI founder and executive director.

“Research, best practices and lessons learned from the Fund’s grantees will be broadly disseminated to community financial literacy practitioners and policy-makers to help increase Canadians’ financial knowledge and skills,” Nares adds.

The new fund, managed by SEDI, will provide grants ranging from $25,000 to $100,000 to qualified community based agencies, charities and not-for-profit organizations to help integrate financial literacy training into services they deliver to their clients.

IE