Comerica Bank announced it will commit $5 billion to small business lending over the next three years (2021-2023). Additionally, Comerica will expand RISE!, a program designed to support small businesses with a multitude of resources, as well as financial assistance through community nonprofits, and provide 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,” said Cassandra McKinney, Executive Vice President, 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.”
Small Business Lending
Comerica offers an array of banking products and services, as well as lending solutions, for small businesses, enabling them to operate effectively and efficiently. 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.
The importance of serving small business customers during the COVID-19 pandemic has been reflected in the bank’s efforts in facilitating critical funding through the Paycheck Protection Program (PPP). Last year, Comerica processed nearly 20,000 loans totaling $3.9 billion in funding for the first round of PPP. And so far in 2021, Comerica has further 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.
Nonprofit / Small Business Support
Comerica 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 (CDFIs) 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 (MDIs), 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, Mich.; Broadway Federal Bank in Los Angeles, Calif.; Unity National Bank in Houston, Texas; and Commercial Bank of California in Irvine, Calif.
Coupled with investments, Comerica 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 held 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,” said Comerica Bank Chief Community Officer Irvin Ashford, Jr. “We continue to search for ways Comerica can serve as a resource and partner for small businesses, assisting them down the path to recovery.”