Dallas-based Comerica Bank, which has its Michigan operations in Detroit, announced today it will commit $5 billion to small business lending over the next three years.
Additionally, Comerica Bank will expand its RISE! Program, which is designed to support small businesses with resources. It also provides financial assistance through community nonprofits, and offers specific opportunities for minority- and women-owned small businesses.
“Servicing the needs of small businesses has played an important role throughout Comerica’s 171-year history,” says Cassandra McKinney, executive vice president of Comerica’s Retail Bank. “Coming out of this pandemic, now more than ever, small businesses need our support.
“Comerica’s lending commitment, resources and experienced staff devoted to meeting the needs of small businesses will ensure they maintain their important roles in our local communities.”
Comerica offers an array of banking products and services, as well as lending solutions, for small businesses. Small business customers can tailor their banking needs with various options that include business checking accounts, business savings accounts, fixed and flexible rate CDs, online services with web and mobile banking, business credit, and business loans, according to Comerica.
During the COVID-19 pandemic, Comerica processed nearly 20,000 first-round Paycheck Protection Program loans totaling $3.9 billion in funding for the first round of PPP. So far in 2021, Comerica has assisted small businesses by funding nearly $1 billion in the second round. More than 1,000 Comerica colleagues have supported the program to ensure business customers can keep their businesses open and workforces intact.
Comerica also has invested in local nonprofits to help its small businesses quickly recover. Most recently, Comerica Bank and the Comerica Charitable Foundation announced a $16 million commitment to support small businesses and communities, with $12 million directed to Community Development Financial Institutions to meet the needs of small and micro businesses in low- to moderate-income communities adversely impacted by the COVID-19 pandemic.
In 2020, Comerica directed $11 million toward small business relief and community service nonprofits and moved $10 million in deposits to Minority Depository Institutions, as well as established mutual mentoring relationships with these institutions. MDIs assist minority and underserved communities and foster economic viability in their communities. Specifically, Comerica allocated $2.5 million to each selected MDI, including First Independence Bank in Detroit; Broadway Federal Bank in Los Angeles; Unity National Bank in Houston; and Commercial Bank of California in Irvine, Calif.
Coupled with investments, Comerica says its colleagues will continue to provide their time and expertise through partnerships with local community-based organizations and nonprofits, including support of Comerica $ense programs, Small Business Bootcamps, and National Business League’s Black Capital Access Program.
Last year alone, Comerica conducted more than 110 Small Busines Bootcamps across the country, assisting 1,250 small businesses and plans further increase its outreach in 2021.
“Small businesses remain pillars of our local communities and Comerica is committed to helping them navigate through these difficult times,” says Irvin Ashford Jr., chief community officer at Comerica Bank. “We continue to search for ways Comerica can serve as a resource and partner for small businesses, assisting them down the path to recovery.”
Through RISE!, Comerica provides millions in financial resources to help local businesses and communities. Comerica is offering exclusive benefits with partners Office Depot and Software House International, providing added savings and discounted pricing on a wide selection of office equipment, supplies, and services. For more information on RISE!, visit here.