Comerica Bank is committing $ 5 billion to small business loans over the next three years and is expanding its support program.
âAs we emerge from this pandemic, more than ever, small businesses need our support,â Cassandra McKinney, executive vice president of Comerica’s Retail Bank, said in a press release. âComerica’s commitment to lending, resources and experienced staff dedicated to meeting the needs of small businesses will allow them to maintain their important roles in our local communities.
The Dallas-based bank has announced it will expand its RISE! initiative, which is designed to support small businesses with a variety of resources, as well as financial assistance through community non-profit organizations. The Small Business Loans Program, with loans ranging from $ 10,000 to $ 1 million, also aims to provide specific opportunities for small businesses owned by minorities and women.
Comerica’s small business loans have declined over the past three years, said Matt Barnhart, Comerica Michigan spokesperson Matt Barnhart. Barnhart did not provide a specific figure, but said the three-year commitment to small business loans was responding to the decline.
Last year, Comerica processed nearly 20,000 loans totaling $ 3.9 billion for the first cycle of the paycheck protection program, the statement said. This year, Comerica helped small businesses by providing nearly $ 1 billion in second-round PPP loans.
Comerica has also invested in local associations to help its small businesses recover. The Comerica Bank and the Comerica Charitable Foundation recently announced a commitment of $ 16 million to support small businesses and communities, including $ 12 million for community development finance institutions to meet the needs of small and micro businesses in low to moderate income communities the coronavirus pandemic.
In 2020, Comerica allocated $ 11 million to small business relief and community service organizations and transferred $ 10 million in deposits to minority depository institutions, as well as mutual mentoring relationships established with these institutions, according to the press release. MDIs help minority and underserved communities and promote the economic viability of their communities. Comerica has 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, California.
âSmall businesses remain the backbone of our local communities and Comerica is committed to helping them through these difficult times,â Irvin Ashford Jr., community manager for Comerica Bank, said in the statement. âWe continue to look for ways for Comerica to serve as a resource and partner for small businesses, helping them on the road to recovery.