Comerica Bank Furthers Small Business Support

Comerica Bank, which has its Michigan headquarters in Detroit, has launched a small business support program, RISE! (resources, ideas, support, and engagement), to help businesses and communities in Michigan recover and thrive amid the COVID-19 pandemic.
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Comerica Bank has launched RISE!, a small business support program. // Stock photo

Comerica Bank, which has its Michigan headquarters in Detroit, has launched a small business support program, RISE! (resources, ideas, support, and engagement), to help businesses and communities in Michigan recover and thrive amid the COVID-19 pandemic.

The program provides free resources to Comerica’s small business customers to promote their businesses. Opportunities for eligible small businesses in the state include free digital ads, free live-read radio spots on Detroit Tigers broadcasts, free email blasts to Comerica’s customer base promoting participating businesses through the bank’s business customer directory, and free placement in the Comerica business customer directory, where hundreds of thousands of Comerica customers can learn about participating businesses.

“Businesses have a long road to recovery ahead, and we’re committed to aiding their efforts by driving new business and raising their visibility in our communities,” says Mike Ritchie, Michigan market president for Comerica. “Through RISE!, we can provide valuable platforms to reach and build a customer base that is much needed as they fight to keep their doors open and grow.”

To qualify, businesses must have 500 or fewer employees, have a physical location in Michigan, serve Michigan residents, and be a Comerica customer. Businesses can register for the program here.

“As we continue to engage with our communities and customers, we understand that there is such a great need in so many areas to keep their businesses viable,” says Jim Weber, executive vice president and chief experience officer for Comerica. “They need resources, and this program offers businesses tangible assets to communicate to their customers that they are open to serve as we help them get through very difficult and challenging times.”

Comerica has supported Michigan businesses for 171 years and has expanded its support during the pandemic, committing nearly $4 million to support local communities and businesses.

The bank and Comerica Charitable Foundation have invested $1.4 million in Michigan to support community programming and businesses impacted by COVID-19. Comerica also moved $2.5 million in deposits to First Independence Bank, the only Minority Depository Institution headquartered in Michigan, and launched a strategic partnership that includes collaboration, mentorship, and expertise in key lines of businesses. Minority Depository Institutions assist minority and underserved communities and work to foster economic viability.

Comerica has also participated in the Small Business Association Paycheck Protection Program, a federal program designed to keep employees on payroll. As of the end of June, the support included nearly $1.5 billion in PPP loans funded, more than 6,600 PPP loans processed, more than 5,200 loans made under $150,000, about 6,100 loans made for businesses with fewer than 50 employees, and about 4,300 loans made for businesses with fewer than 10 employees.

Community commitments made by the bank include investing $150,000 in Hatch Detroit to launch the Hatch Detroit Small Business Alumni Relief Fund, which supports alumni businesses of the Comerica Hatch Detroit Contest; hosting virtual small business bootcamps; committing nearly $370,000 to United Way COVID-19 relief efforts to reach southeast, mid-, and west Michigan communities; donating food to those in need; and supporting organizations that provide free COVID-19 testing, personal protective equipment, and other resources.

Finally, the bank is active in national partnerships. It has committed $1 million over four years to the National Business League, headquartered in Detroit, as part of a national partnership that will launch the Black Capital Access Program, designed to help Black-owned businesses across the country. The bank also made a $1.5 million investment into Lendistry, a community development financial institution that supports businesses nationwide. It delivers economic opportunities and growth for small business owners and underserved communities as a source of financing and financial education.

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